Carpenter Technology (NYSE:CRS) Upgraded at KeyCorp

KeyCorp upgraded shares of Carpenter Technology (NYSE:CRS) from a sector weight rating to an overweight rating in a research note published on Thursday, Marketbeat Ratings reports. KeyCorp currently has $380.00 price target on the basic materials company’s stock. KeyCorp also issued estimates for Carpenter Technology’s FY2027 earnings at $12.65 EPS.

Several other brokerages have also recently weighed in on CRS. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. TD Cowen raised their target price on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, October 24th. Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Jones Trading started coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target for the company. Finally, Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Friday, October 24th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $371.14.

Carpenter Technology Trading Up 1.7%

Shares of CRS stock opened at $330.36 on Thursday. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. Carpenter Technology has a 12-month low of $138.61 and a 12-month high of $342.11. The stock has a market capitalization of $16.46 billion, a P/E ratio of 40.39, a P/E/G ratio of 1.41 and a beta of 1.47. The firm’s 50 day moving average is $269.64 and its 200 day moving average is $256.73.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.73 EPS. Research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s payout ratio is currently 9.78%.

Insider Transactions at Carpenter Technology

In other news, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director owned 180,000 shares in the company, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the transaction, the director owned 6,732 shares of the company’s stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,124 shares of company stock worth $6,890,250 in the last three months. Insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Clearstead Advisors LLC increased its position in Carpenter Technology by 17.9% during the 3rd quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after purchasing an additional 36 shares during the period. Glass Jacobson Investment Advisors llc boosted its stake in shares of Carpenter Technology by 3.9% in the third quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock valued at $239,000 after buying an additional 37 shares in the last quarter. Radnor Capital Management LLC boosted its stake in shares of Carpenter Technology by 3.3% in the second quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock valued at $343,000 after buying an additional 40 shares in the last quarter. ANB Bank grew its holdings in Carpenter Technology by 3.3% during the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock worth $360,000 after acquiring an additional 42 shares during the period. Finally, Panagora Asset Management Inc. raised its position in Carpenter Technology by 3.0% in the second quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock worth $404,000 after acquiring an additional 43 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.