Carpenter Technology (NYSE:CRS) Hits New 52-Week High – Still a Buy?

Carpenter Technology Corporation (NYSE:CRS) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $537.41 and last traded at $524.8970, with a volume of 795774 shares trading hands. The stock had previously closed at $523.77.

Wall Street Analyst Weigh In

CRS has been the subject of several research analyst reports. KeyCorp raised their price target on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Wells Fargo & Company raised their price target on Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. TD Cowen lifted their target price on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Finally, BTIG Research boosted their price target on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $458.63.

Carpenter Technology Stock Up 0.2%

The company has a 50-day moving average of $439.73 and a 200-day moving average of $380.88. The company has a market capitalization of $26.08 billion, a price-to-earnings ratio of 55.25, a price-to-earnings-growth ratio of 1.94 and a beta of 1.25. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same period in the prior year, the company posted $1.88 EPS. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts predict that Carpenter Technology Corporation will post 10.55 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is currently 8.42%.

Insider Activity

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

Institutional Trading of Carpenter Technology

Several large investors have recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. grew its stake in Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 32 shares during the last quarter. Abel Hall LLC grew its stake in Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after purchasing an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC grew its stake in Carpenter Technology by 2.4% during the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock valued at $444,000 after purchasing an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in Carpenter Technology by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after purchasing an additional 34 shares during the last quarter. Finally, Essential Partners LLC grew its stake in Carpenter Technology by 9.9% during the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock valued at $149,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors 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.