Carpenter Technology Corporation (CRS) – What Are Researchers Saying About This Stock?

Carpenter Technology Corporation (NYSE:CRS) has received a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $504.38.

Several brokerages have recently weighed in on CRS. Wall Street Zen lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. BTIG Research upped their target price 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. Susquehanna dropped their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. JPMorgan Chase & Co. dropped their price target on shares of Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Finally, TD Cowen cut their price target on shares of Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a research note on Friday, October 9th.

Insider Activity

In related news, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven E. Karol sold 3,275 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the transaction, the director owned 177,000 shares of the company’s stock, valued at $83,912,160. This trade represents a 1.82% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 112,996 shares of company stock worth $54,644,436. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Institutional investors have recently bought and sold shares of the stock. Keating Financial Advisory Services Inc. acquired a new position in Carpenter Technology during the second quarter worth $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Carpenter Technology during the first quarter valued at $30,000. SJS Investment Consulting Inc. lifted its holdings in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares during the period. Persistent Asset Partners Ltd acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at $56,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Up 0.3%

CRS opened at $378.15 on Tuesday. Carpenter Technology has a fifty-two week low of $239.61 and a fifty-two week high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The firm’s fifty day moving average price is $439.64 and its two-hundred day moving average price is $481.20. The company has a market capitalization of $18.74 billion, a P/E ratio of 35.95, a P/E/G ratio of 1.33 and a beta of 1.29.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter in the previous year, the firm posted $2.21 EPS. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, analysts anticipate that Carpenter Technology will post 13.27 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, October 20th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Carpenter Technology Company Profile

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

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.