Carpenter Technology (NYSE:CRS) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Carpenter Technology (NYSE:CRS – Get Rating) in a report published on Thursday. The firm issued a hold rating on the basic materials company’s stock.

Separately, Cowen increased their price objective on Carpenter Technology from $50.00 to $54.00 and gave the company an outperform rating in a report on Friday, January 27th.

Carpenter Technology Stock Down 8.9 %

Shares of CRS opened at $38.39 on Thursday. Carpenter Technology has a 52 week low of $24.76 and a 52 week high of $52.50. The company has a current ratio of 2.52, a quick ratio of 1.10 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average of $47.07 and a 200-day moving average of $40.62.

Carpenter Technology (NYSE:CRS – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The basic materials company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $579.10 million during the quarter, compared to analysts’ expectations of $525.67 million. Carpenter Technology had a negative return on equity of 0.78% and a negative net margin of 0.26%. Carpenter Technology’s revenue was up 46.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.58) EPS. As a group, research analysts forecast that Carpenter Technology will post 1.05 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 2nd. Investors of record on Tuesday, January 31st were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, January 30th. This represents a $0.80 dividend on an annualized basis and a yield of 2.08%. Carpenter Technology’s payout ratio is -666.61%.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, CAO Elizabeth A. Socci sold 5,722 shares of the stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $50.56, for a total transaction of $289,304.32. Following the completion of the sale, the chief accounting officer now directly owns 11,755 shares in the company, valued at approximately $594,332.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of Carpenter Technology

Large investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd acquired a new stake in Carpenter Technology during the 1st quarter worth about $26,000. Wipfli Financial Advisors LLC acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at about $31,000. Point72 Middle East FZE acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at about $95,000. International Assets Investment Management LLC acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at about $502,000. Finally, Captrust Financial Advisors grew its stake in shares of Carpenter Technology by 57.8% in the 1st quarter. Captrust Financial Advisors now owns 3,704 shares of the basic materials company’s stock valued at $155,000 after buying an additional 1,356 shares during the period. 92.28% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Company Profile

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Carpenter Technology Corp. engages in the manufacturing, fabrication, and distribution of specialty metals. It operates through the Specialty Alloys Operations and Performance Engineered Products segments. The Specialty Alloys Operations segment is composed of its major premium alloy and stainless-steel manufacturing operations.