Carpenter Technology (NYSE:CRS) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Carpenter Technology (NYSE:CRS) in a report published on Friday morning, MarketBeat reports. The firm issued an overweight rating and a $220.00 price objective on the basic materials company’s stock.

CRS has been the topic of a number of other research reports. BTIG Research raised their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Benchmark reiterated a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $153.00.

Carpenter Technology Trading Up 2.2 %

Carpenter Technology stock opened at $195.23 on Friday. The firm has a 50-day moving average price of $163.94 and a two-hundred day moving average price of $136.46. Carpenter Technology has a 52-week low of $58.87 and a 52-week high of $197.68. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of 43.48, a PEG ratio of 0.97 and a beta of 1.46. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. The business had revenue of $717.60 million for the quarter, compared to analysts’ expectations of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.88 earnings per share. Sell-side analysts expect that Carpenter Technology will post 6.61 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology’s dividend payout ratio is 17.82%.

Institutional Trading of Carpenter Technology

Institutional investors have recently made changes to their positions in the stock. Strengthening Families & Communities LLC boosted its stake in shares of Carpenter Technology by 0.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock valued at $2,763,000 after buying an additional 100 shares during the period. CWM LLC grew its stake in Carpenter Technology by 12.6% in the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 103 shares in the last quarter. GAMMA Investing LLC increased its position in Carpenter Technology by 9.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after purchasing an additional 136 shares during the last quarter. KBC Group NV increased its position in Carpenter Technology by 13.5% in the 3rd quarter. KBC Group NV now owns 1,355 shares of the basic materials company’s stock worth $216,000 after purchasing an additional 161 shares during the last quarter. Finally, Arete Wealth Advisors LLC raised its stake in shares of Carpenter Technology by 7.5% during the 3rd quarter. Arete Wealth Advisors LLC now owns 2,423 shares of the basic materials company’s stock worth $384,000 after purchasing an additional 169 shares in the last quarter. 92.03% of the stock is currently 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.