Carpenter Technology Corporation (NYSE:CRS) Receives $229.75 Average Price Target from Analysts

Shares of Carpenter Technology Corporation (NYSE:CRS) have earned an average rating of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $244.75.

CRS has been the topic of a number of research analyst reports. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a report on Tuesday. Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Finally, Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th.

Insider Activity

In other news, Director Anastasios John Hart sold 1,000 shares of the firm’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 6,732 shares of the company’s stock, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Carpenter Technology

A number of institutional investors and hedge funds have recently made changes to their positions in CRS. Kestra Investment Management LLC acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $25,000. Rise Advisors LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth about $31,000. IMA Advisory Services Inc. acquired a new position in shares of Carpenter Technology during the 1st quarter worth about $36,000. Bessemer Group Inc. lifted its position in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 77 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $44,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $250.59 on Monday. The firm has a market capitalization of $12.47 billion, a PE ratio of 35.49, a P/E/G ratio of 1.06 and a beta of 1.37. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. The business has a 50-day moving average of $217.51 and a two-hundred day moving average of $197.32. Carpenter Technology has a 12 month low of $95.70 and a 12 month high of $256.52.

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

Carpenter Technology Dividend Announcement

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

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

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.