Carpenter Technology (NYSE:CRS) Coverage Initiated by Analysts at KeyCorp

KeyCorp began coverage on shares of Carpenter Technology (NYSE:CRS) in a research note released on Wednesday morning. The firm issued an overweight rating and a $380.00 price objective on the basic materials company’s stock.

Other research analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Susquehanna started coverage on Carpenter Technology in a report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Finally, BTIG Research lifted their price target on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $385.50.

Carpenter Technology Stock Performance

NYSE:CRS opened at $406.16 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. The firm has a market cap of $20.23 billion, a price-to-earnings ratio of 47.17, a price-to-earnings-growth ratio of 1.57 and a beta of 1.22. The firm’s fifty day moving average price is $368.48 and its 200 day moving average price is $319.77. Carpenter Technology has a 1-year low of $138.61 and a 1-year high of $412.31.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 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 the consensus estimate of $733.76 million. During the same quarter in the prior year, the firm earned $1.66 EPS. Carpenter Technology’s quarterly revenue was up 7.5% on a year-over-year basis. On average, sell-side analysts expect that Carpenter Technology will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, January 27th. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.29%.

Insider Buying and Selling at Carpenter Technology

In other news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director owned 225,381 shares of the company’s stock, valued at $85,897,206.72. The trade was a 1.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 22,300 shares of company stock valued at $8,664,044. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP acquired a new position in Carpenter Technology during the first quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Carpenter Technology by 1.7% in the first 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 purchasing an additional 1,701 shares during the last quarter. Focus Partners Wealth grew its position in shares of Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 314 shares during the last quarter. Swiss National Bank increased its stake in shares of Carpenter Technology by 3.9% during the 2nd quarter. Swiss National Bank now owns 95,400 shares of the basic materials company’s stock worth $26,367,000 after purchasing an additional 3,600 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Carpenter Technology by 3.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock worth $54,937,000 after purchasing an additional 6,914 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.