Carpenter Technology Co. (NYSE:CRS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Carpenter Technology Co. (NYSE:CRS) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $167.17.

Several research firms have recently commented on CRS. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th.

Carpenter Technology Price Performance

CRS opened at $170.19 on Monday. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The business’s fifty day simple moving average is $183.77 and its 200-day simple moving average is $181.01. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 32.11, a PEG ratio of 0.93 and a beta of 1.28. Carpenter Technology has a 12-month low of $75.73 and a 12-month high of $213.66.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. On average, equities research analysts anticipate that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be issued a $0.20 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Carpenter Technology’s dividend payout ratio is currently 15.09%.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock worth $754,295,000 after purchasing an additional 979,313 shares during the last quarter. Invesco Ltd. boosted its holdings in Carpenter Technology by 30.3% in the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock valued at $260,884,000 after purchasing an additional 357,417 shares during the last quarter. SurgoCap Partners LP lifted its holdings in shares of Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock valued at $244,734,000 after buying an additional 779,357 shares during the period. Geode Capital Management LLC raised its position in Carpenter Technology by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company’s stock valued at $193,279,000 after acquiring an additional 38,411 shares in the last quarter. Finally, Third Point LLC boosted its position in Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company’s stock worth $147,648,000 after purchasing an additional 210,000 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

About Carpenter Technology

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.