Carpenter Technology (NYSE:CRS) Reaches New 52-Week High on Analyst Upgrade

Carpenter Technology Co. (NYSE:CRS)’s stock price reached a new 52-week high during trading on Monday after Benchmark raised their price target on the stock from $250.00 to $300.00. Benchmark currently has a buy rating on the stock. Carpenter Technology traded as high as $255.26 and last traded at $253.91, with a volume of 233599 shares. The stock had previously closed at $248.74.

Other equities research analysts have also issued reports about the company. Northcoast Research upgraded Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $240.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $188.83.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the sale, the director now directly owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Strs Ohio acquired a new position in Carpenter Technology in the first quarter valued at approximately $1,196,000. Focus Partners Wealth lifted its holdings in Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after acquiring an additional 314 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Carpenter Technology by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after acquiring an additional 1,701 shares during the last quarter. Legacy Advisory Services LLC acquired a new position in Carpenter Technology in the first quarter valued at approximately $219,000. Finally, Woodline Partners LP acquired a new position in Carpenter Technology in the first quarter valued at approximately $4,050,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 1.6%

The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The business has a fifty day moving average of $205.07 and a 200 day moving average of $194.72. The stock has a market capitalization of $12.58 billion, a price-to-earnings ratio of 47.69, a PEG ratio of 0.93 and a beta of 1.37.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company had revenue of $727.00 million for the quarter, compared to analysts’ expectations of $729.67 million. During the same period in the prior year, the firm earned $1.19 earnings per share. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 11.33%.

Carpenter Technology declared that its board has approved a share repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Carpenter Technology Company Profile

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.