Carpenter Technology Corporation (NYSE:CRS) Receives $458.63 Average Price Target from Analysts

Carpenter Technology Corporation (NYSE:CRS) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $458.6250.

Several analysts have commented on the company. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. BTIG Research raised their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, Susquehanna raised their price objective on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a report on Thursday, April 30th.

Carpenter Technology Stock Down 0.4%

Shares of CRS opened at $560.25 on Wednesday. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. Carpenter Technology has a 12 month low of $228.00 and a 12 month high of $574.52. The stock’s 50 day moving average is $446.24 and its two-hundred day moving average is $383.91. The firm has a market cap of $27.84 billion, a P/E ratio of 58.97, a PEG ratio of 1.94 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same period last year, the company earned $1.88 earnings per share. Carpenter Technology’s quarterly revenue was up 11.6% compared to the same quarter last year. Analysts predict that Carpenter Technology will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. Carpenter Technology’s payout ratio is currently 8.42%.

Insider Buying and Selling

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director directly owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of institutional investors have recently made changes to their positions in CRS. Jennison Associates LLC acquired a new stake in shares of Carpenter Technology in the first quarter worth approximately $317,411,000. Sands Capital Management LLC acquired a new stake in shares of Carpenter Technology in the fourth quarter worth approximately $195,731,000. Norges Bank acquired a new stake in shares of Carpenter Technology in the fourth quarter worth approximately $195,254,000. Aspex Management HK Ltd acquired a new stake in shares of Carpenter Technology in the third quarter worth approximately $136,215,000. Finally, TOMS Capital Investment Management LP acquired a new stake in shares of Carpenter Technology in the second quarter worth approximately $106,683,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.