Carpenter Technology (NYSE:CRS) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Carpenter Technology (NYSE:CRS) to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Susquehanna began coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target on the stock. KeyCorp began coverage on shares of Carpenter Technology in a research report on Wednesday, March 25th. They issued an “overweight” rating and a $380.00 price objective for the company. BTIG Research increased their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Finally, Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $387.11.

Carpenter Technology Trading Down 3.0%

Shares of Carpenter Technology stock opened at $392.38 on Tuesday. The company has a market capitalization of $19.54 billion, a P/E ratio of 45.57, a price-to-earnings-growth ratio of 1.59 and a beta of 1.24. The stock has a fifty day simple moving average of $374.81 and a 200 day simple moving average of $325.20. Carpenter Technology has a 12-month low of $138.61 and a 12-month high of $421.12. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. The business had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The business’s revenue was up 7.5% on a year-over-year basis. During the same period last year, the business earned $1.66 EPS. On average, sell-side analysts anticipate that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Activity

In related news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the sale, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 22,300 shares of company stock valued at $8,664,044. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds have recently modified their holdings of CRS. Woodline Partners LP bought a new position in Carpenter Technology during the first quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 buying an additional 1,701 shares during the period. Focus Partners Wealth raised its stake 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 buying an additional 314 shares during the period. Choreo LLC purchased a new position in shares of Carpenter Technology during the 2nd quarter valued at $210,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Carpenter Technology by 9.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,770 shares of the basic materials company’s stock valued at $2,977,000 after buying an additional 930 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

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.