Carpenter Technology (NYSE:CRS) Earns “Buy” Rating from Benchmark

Benchmark reiterated their buy rating on shares of Carpenter Technology (NYSE:CRSFree Report) in a report published on Friday, Benzinga reports. They currently have a $175.00 price objective on the basic materials company’s stock.

Separately, BTIG Research upped their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $139.60.

Read Our Latest Stock Report on Carpenter Technology

Carpenter Technology Trading Up 0.7 %

Carpenter Technology stock opened at $155.47 on Friday. The company has a 50 day moving average price of $150.28 and a 200 day moving average price of $123.82. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41. Carpenter Technology has a 52 week low of $58.87 and a 52 week high of $166.51. The firm has a market capitalization of $7.71 billion, a price-to-earnings ratio of 59.11, a P/E/G ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRSGet Free Report) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. The business had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. Carpenter Technology’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 earnings per share. Research analysts forecast that Carpenter Technology will post 6.63 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s payout ratio is currently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors have recently made changes to their positions in the company. First Eagle Investment Management LLC lifted its stake in Carpenter Technology by 13.2% in the first quarter. First Eagle Investment Management LLC now owns 149,354 shares of the basic materials company’s stock valued at $10,667,000 after acquiring an additional 17,400 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $4,199,000. Comerica Bank boosted its holdings in Carpenter Technology by 170.3% in the first quarter. Comerica Bank now owns 67,380 shares of the basic materials company’s stock worth $4,812,000 after purchasing an additional 42,449 shares in the last quarter. Seven Eight Capital LP acquired a new position in Carpenter Technology during the first quarter worth $1,347,000. Finally, Moody National Bank Trust Division bought a new position in Carpenter Technology during the second quarter valued at about $1,208,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

About Carpenter Technology

(Get Free Report)

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.

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Analyst Recommendations for Carpenter Technology (NYSE:CRS)

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