Carpenter Technology (NYSE:CRS) Sets New 12-Month High Following Dividend Announcement

Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $451.00 and last traded at $451.60, with a volume of 239581 shares. The stock had previously closed at $445.69.

The newly announced dividend which will be paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is currently 9.29%.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Wells Fargo & Company initiated coverage on Carpenter Technology in a research report on Wednesday, April 1st. They issued an “equal weight” rating and a $400.00 price objective for the company. BTIG Research lifted their price objective on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Finally, KeyCorp lifted their price objective on Carpenter Technology from $380.00 to $453.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $403.11.

Carpenter Technology Stock Up 1.3%

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 firm has a market capitalization of $22.49 billion, a PE ratio of 52.45, a price-to-earnings-growth ratio of 1.71 and a beta of 1.24. The firm has a 50-day moving average of $395.99 and a two-hundred day moving average of $341.86.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.13. The business had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the company posted $1.66 EPS. On average, equities research analysts forecast that Carpenter Technology Corporation will post 10.3 EPS for the current year.

Insider Buying and Selling at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the 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 completion of the transaction, the senior vice president directly owned 73,739 shares in the company, 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. Insiders sold a total of 22,300 shares of company stock worth $8,664,044 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology in the second quarter valued at about $28,000. Armstrong Advisory Group Inc. raised its position in Carpenter Technology by 57.3% in 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 purchased a new position in Carpenter Technology in the third quarter valued at about $41,000. MassMutual Private Wealth & Trust FSB raised its position in Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares during the period. Finally, Spire Wealth Management raised its position in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the period. 92.03% of the stock is 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.