Carpenter Technology Corporation (NYSE:CRS) Receives $373.43 Consensus Price Target from Brokerages

Carpenter Technology Corporation (NYSE:CRS) has received an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $373.4286.

Several analysts have commented on CRS shares. Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the stock a “buy” rating in a research note on Friday, October 24th. Jones Trading assumed coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price target for the company. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective on the stock in a research note on Thursday, November 13th. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th.

Carpenter Technology Stock Up 4.9%

NYSE CRS opened at $365.85 on Thursday. Carpenter Technology has a 12 month low of $138.61 and a 12 month high of $370.59. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The stock has a market cap of $18.22 billion, a PE ratio of 42.49, a P/E/G ratio of 1.44 and a beta of 1.30. The stock’s 50 day moving average is $326.86 and its 200 day moving average is $288.87.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm had revenue of $589.10 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter last year, the business posted $1.66 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Research analysts predict that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is 9.29%.

Insider Transactions at Carpenter Technology

In related news, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the sale, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Brian J. Malloy sold 43,688 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the transaction, the chief operating officer owned 78,875 shares in the company, valued at $24,013,493.75. This trade represents a 35.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology during the 2nd quarter valued at $28,000. Armstrong Advisory Group Inc. boosted its stake in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares during the period. Root Financial Partners LLC bought a new position in shares of Carpenter Technology in the third quarter worth about $41,000. MassMutual Private Wealth & Trust FSB increased its stake in Carpenter Technology by 54.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after buying an additional 60 shares during the period. Finally, Spire Wealth Management increased its stake in Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after buying an additional 84 shares during the period. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.