Carpenter Technology Corporation (NYSE:CRS) Receives $403.11 Average Price Target from Analysts

Carpenter Technology Corporation (NYSE:CRS) has been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $403.1111.

Several equities research analysts recently weighed in on CRS shares. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $394.00 to $465.00 and gave the stock an “overweight” rating in a report on Monday. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Susquehanna began coverage on shares of Carpenter Technology in a research note on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price objective for the company. BTIG Research upped their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th.

Carpenter Technology Trading Up 0.5%

Carpenter Technology stock opened at $426.19 on Tuesday. Carpenter Technology has a one year low of $184.49 and a one year high of $459.18. The company’s fifty day moving average price is $399.80 and its two-hundred day moving average price is $344.35. The company has a market capitalization of $21.23 billion, a price-to-earnings ratio of 49.50, a PEG ratio of 1.63 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.13. The company had revenue of $728.00 million during the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.66 EPS. On average, analysts forecast that Carpenter Technology will post 10.29 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is 9.29%.

Insider Activity

In related news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction that occurred 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 sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP James D. Dee sold 15,800 shares of the firm’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 directly owned 73,739 shares in the company, 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 sold 22,300 shares of company stock worth $8,664,044. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. bought a new position in Carpenter Technology during the second quarter worth $28,000. SJS Investment Consulting Inc. boosted its holdings in Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 36 shares during the period. Armstrong Advisory Group Inc. boosted its holdings in Carpenter Technology by 57.3% in the 4th 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 acquired a new stake in Carpenter Technology in the 3rd quarter worth $41,000. Finally, MassMutual Private Wealth & Trust FSB grew its position 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 purchasing an additional 60 shares during the last quarter. 92.03% of the stock is owned by 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.