Carpenter Technology (NYSE:CRS) Now Covered by Analysts at Susquehanna

Susquehanna assumed coverage on shares of Carpenter Technology (NYSE:CRS) in a research report released on Tuesday morning, MarketBeat reports. The brokerage issued a positive rating and a $470.00 price objective on the basic materials company’s stock.

Several other brokerages have also recently issued reports on CRS. KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price for the company in a report on Thursday, November 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Finally, TD Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $385.50.

Carpenter Technology Trading Down 1.6%

Carpenter Technology stock opened at $402.00 on Tuesday. The stock has a 50-day moving average price of $349.46 and a 200 day moving average price of $303.88. The company has a market capitalization of $20.02 billion, a price-to-earnings ratio of 46.69, a price-to-earnings-growth ratio of 1.60 and a beta of 1.22. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $410.10. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same period last year, the firm posted $1.66 EPS. Carpenter Technology’s revenue for the quarter was up 7.5% compared to the same quarter last year. Sell-side analysts anticipate that Carpenter Technology will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Insider Buying and Selling

In other Carpenter Technology news, COO Brian J. Malloy sold 43,688 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was 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 approximately $24,013,493.75. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 97,758 shares of company stock valued at $31,665,177. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Large investors have recently added to or reduced their stakes in the stock. Woodline Partners LP acquired a new stake in shares of Carpenter Technology in the first quarter valued at about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Carpenter Technology by 1.7% in the 1st 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 buying an additional 1,701 shares in the last quarter. Focus Partners Wealth lifted its stake in Carpenter Technology by 7.3% in the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after buying an additional 314 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Carpenter Technology by 8.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 18,133 shares of the basic materials company’s stock worth $5,012,000 after buying an additional 1,390 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its stake in Carpenter Technology by 1,657.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 334 shares of the basic materials company’s stock worth $92,000 after buying an additional 315 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.