Carpenter Technology Corporation (NYSE:CRS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Carpenter Technology Corporation (NYSE:CRS) have been given an average recommendation of “Moderate Buy” by the ten research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $577.25.

A number of equities research analysts have weighed in on CRS shares. KeyCorp lowered their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. TD Cowen increased their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 12th. Susquehanna lowered their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Finally, BTIG Research lifted their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $406.91 on Friday. The business has a 50-day moving average price of $516.52 and a two-hundred day moving average price of $481.03. Carpenter Technology has a 1-year low of $228.00 and a 1-year high of $625.98. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The company has a market cap of $20.17 billion, a P/E ratio of 38.68, a PEG ratio of 1.46 and a beta of 1.26.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same period in the previous year, the business earned $2.21 EPS. The firm’s revenue was up 12.6% compared to the same quarter last year. As a group, analysts anticipate that Carpenter Technology will post 13.28 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Insider Buying and Selling at Carpenter Technology

In other news, Director Steven Karol sold 3,275 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the transaction, the director owned 177,000 shares in the company, valued at approximately $83,912,160. This represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Tony Thene sold 57,456 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the transaction, the chief executive officer directly owned 439,631 shares in the company, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 112,996 shares of company stock valued at $54,644,436. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Carpenter Technology during the second quarter worth about $3,834,623,000. Jennison Associates LLC acquired a new stake in shares of Carpenter Technology in the 1st quarter worth about $317,411,000. SurgoCap Partners LP bought a new position in Carpenter Technology in the 2nd quarter valued at about $423,444,000. Sands Capital Management LLC bought a new position in Carpenter Technology in the 4th quarter valued at about $195,731,000. Finally, Norges Bank acquired a new position in Carpenter Technology during the 4th quarter valued at about $195,254,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.