Carpenter Technology (NYSE:CRS) Given New $305.00 Price Target at JPMorgan Chase & Co.

Carpenter Technology (NYSE:CRS) had its price target hoisted by JPMorgan Chase & Co. from $245.00 to $305.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the basic materials company’s stock.

CRS has been the subject of several other research reports. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. Finally, Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus target price of $244.75.

Carpenter Technology Trading Up 1.2%

CRS opened at $252.69 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. Carpenter Technology has a fifty-two week low of $95.70 and a fifty-two week high of $256.52. The firm has a market capitalization of $12.58 billion, a PE ratio of 35.79, a P/E/G ratio of 1.05 and a beta of 1.37. The company’s 50-day moving average is $215.96 and its 200 day moving average is $196.95.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.19 EPS. As a group, research analysts predict that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its Board of Directors has initiated a stock buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to buy up to 4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Carpenter Technology Announces Dividend

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

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the firm’s stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now directly owns 6,732 shares of the company’s stock, valued at $1,330,647.12. This trade represents a 33.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Anastasios John Hart sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRS. Rhumbline Advisers boosted its holdings in Carpenter Technology by 12.8% in the 4th quarter. Rhumbline Advisers now owns 166,362 shares of the basic materials company’s stock valued at $28,233,000 after purchasing an additional 18,820 shares during the period. Allworth Financial LP boosted its holdings in Carpenter Technology by 31,309.1% in the 4th quarter. Allworth Financial LP now owns 6,910 shares of the basic materials company’s stock valued at $1,173,000 after purchasing an additional 6,888 shares during the period. Sanctuary Advisors LLC bought a new position in Carpenter Technology in the 4th quarter valued at $193,000. CIBC Asset Management Inc lifted its holdings in shares of Carpenter Technology by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company’s stock worth $258,000 after acquiring an additional 78 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in Carpenter Technology in the fourth quarter worth $25,000. 92.03% of the stock is owned by institutional investors.

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.