Carpenter Technology Corporation (NYSE:CRS) Receives $385.50 Average PT from Analysts

Carpenter Technology Corporation (NYSE:CRS) has received an average rating of “Moderate Buy” from the eleven analysts that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $385.50.

Several research firms have weighed in on CRS. BTIG Research lifted their target price on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Susquehanna initiated 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. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. KeyCorp assumed coverage on shares of Carpenter Technology in a report on Wednesday, March 25th. They issued an “overweight” rating and a $380.00 price objective for the company. Finally, Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st.

Carpenter Technology Stock Up 0.0%

NYSE:CRS opened at $377.07 on Friday. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $412.31. The stock’s fifty day moving average is $370.31 and its two-hundred day moving average is $322.18. The stock has a market capitalization of $18.78 billion, a price-to-earnings ratio of 43.79, a price-to-earnings-growth ratio of 1.48 and a beta of 1.22. 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 issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million during 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 company’s revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.66 earnings per share. Research analysts anticipate that Carpenter Technology will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Insiders Place Their Bets

In related news, Director Steven E. Karol sold 3,500 shares of the business’s 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 directly 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 document filed with the SEC, which is available through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction dated 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 sale, the senior vice president owned 73,739 shares in the company, valued at approximately $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. Insiders have sold 22,300 shares of company stock worth $8,664,044 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Woodline Partners LP acquired a new stake in Carpenter Technology in the first quarter valued at approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Carpenter Technology by 1.7% during 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 worth $18,985,000 after acquiring an additional 1,701 shares in the last quarter. Focus Partners Wealth grew its holdings in Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after acquiring an additional 314 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Carpenter Technology by 3.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock valued at $54,937,000 after purchasing an additional 6,914 shares during the last quarter. Finally, MAI Capital Management raised its holdings in shares of Carpenter Technology by 118.8% in the 2nd quarter. MAI Capital Management now owns 221 shares of the basic materials company’s stock valued at $61,000 after purchasing an additional 120 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

About Carpenter Technology

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.