Carpenter Technology (NYSE:CRS) Sets New 12-Month High – Should You Buy?

Shares of Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high during trading on Wednesday . The company traded as high as $574.70 and last traded at $577.3340, with a volume of 139815 shares trading hands. The stock had previously closed at $561.59.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. BTIG Research raised their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. TD Cowen raised their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Wells Fargo & Company raised their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Finally, Susquehanna raised their target price on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $458.63.

Carpenter Technology Trading Up 3.1%

The business’s 50 day moving average price is $453.02 and its 200-day moving average price is $387.79. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a market cap of $28.76 billion, a price-to-earnings ratio of 60.92, a PEG ratio of 1.94 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. Carpenter Technology’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.88 EPS. On average, equities analysts anticipate that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Insider Activity

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by insiders.

Institutional Trading of Carpenter Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology in the 2nd quarter worth about $28,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Carpenter Technology in the 1st quarter worth about $30,000. SJS Investment Consulting Inc. raised its stake 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 worth $32,000 after purchasing an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. raised its stake 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 worth $37,000 after purchasing an additional 43 shares in the last quarter. Finally, Spire Wealth Management raised its stake in Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.