Carpenter Technology Corporation (NYSE:CRS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Carpenter Technology Corporation (NYSE:CRS) have earned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $355.8333.

Several brokerages have recently issued reports on CRS. Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the company a “buy” rating in a report on Friday. TD Cowen boosted their target price on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a report on Friday. BTIG Research boosted their target price on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday. Jones Trading began coverage on Carpenter Technology in a report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price for the company. Finally, Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st.

Carpenter Technology Stock Up 1.4%

Shares of Carpenter Technology stock opened at $318.56 on Tuesday. The firm has a market cap of $15.88 billion, a price-to-earnings ratio of 38.94, a P/E/G ratio of 1.42 and a beta of 1.46. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $322.15. The stock has a 50-day simple moving average of $247.57 and a 200-day simple moving average of $243.08.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.30. The business had revenue of $733.70 million during the quarter, compared to analyst estimates of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 EPS. On average, equities research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s payout ratio is 9.78%.

Insider Buying and Selling

In related news, Director I Martin Inglis sold 5,691 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRS. Radnor Capital Management LLC lifted its stake in Carpenter Technology by 3.3% in the second quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock valued at $343,000 after purchasing an additional 40 shares during the last quarter. ANB Bank lifted its stake in Carpenter Technology by 3.3% in the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock valued at $360,000 after purchasing an additional 42 shares during the last quarter. Panagora Asset Management Inc. lifted its stake in Carpenter Technology by 3.0% in the second quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock valued at $404,000 after purchasing an additional 43 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Carpenter Technology by 15.3% during the third quarter. Versant Capital Management Inc now owns 376 shares of the basic materials company’s stock worth $92,000 after acquiring an additional 50 shares in the last quarter. Finally, M&T Bank Corp lifted its position in shares of Carpenter Technology by 3.9% during the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock worth $279,000 after acquiring an additional 58 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

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.