Carpenter Technology (NYSE:CRS) Shares Gap Down – What’s Next?

Carpenter Technology Co. (NYSE:CRS) shares gapped down before the market opened on Thursday . The stock had previously closed at $209.11, but opened at $195.00. Carpenter Technology shares last traded at $197.54, with a volume of 120,804 shares.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CRS shares. JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Monday. Benchmark reaffirmed a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $155.50.

Carpenter Technology Price Performance

The stock has a market capitalization of $9.61 billion, a price-to-earnings ratio of 43.22, a P/E/G ratio of 0.98 and a beta of 1.55. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The company’s 50-day simple moving average is $187.51 and its 200-day simple moving average is $162.91.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. Research analysts forecast that Carpenter Technology Co. will post 6.77 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Tuesday, January 28th. Carpenter Technology’s payout ratio is 17.82%.

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC grew its holdings in Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after acquiring an additional 1,108,963 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Carpenter Technology by 428.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Carpenter Technology by 1,538.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock valued at $34,053,000 after buying an additional 200,364 shares during the last quarter. Forest Avenue Capital Management LP bought a new position in shares of Carpenter Technology during the third quarter valued at about $25,262,000. Finally, WCM Investment Management LLC bought a new position in shares of Carpenter Technology during the 3rd quarter worth approximately $18,868,000. Institutional investors and hedge funds 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.