Carpenter Technology Co. (NYSE:CRS) Given Average Rating of “Moderate Buy” by Brokerages

Carpenter Technology Co. (NYSE:CRS) has been given an average recommendation of “Moderate Buy” by the five brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $139.60.

Several brokerages recently issued reports on CRS. Northcoast Research reissued a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a report on Friday, June 14th. Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a report on Tuesday, June 25th. They set a “buy” rating and a $144.00 target price on the stock. BTIG Research increased their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Benchmark boosted their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $162.68 on Friday. Carpenter Technology has a twelve month low of $58.87 and a twelve month high of $166.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41. The firm has a market cap of $8.07 billion, a P/E ratio of 61.86, a price-to-earnings-growth ratio of 0.89 and a beta of 1.45. The firm’s 50-day simple moving average is $146.25 and its 200-day simple moving average is $116.72.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.51 by $0.31. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The business had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. During the same quarter in the previous year, the firm earned $0.78 EPS. Carpenter Technology’s quarterly revenue was up 5.4% on a year-over-year basis. As a group, research analysts expect that Carpenter Technology will post 6.09 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 27th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Tuesday, August 27th. Carpenter Technology’s dividend payout ratio (DPR) is presently 30.42%.

Hedge Funds Weigh In On Carpenter Technology

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Carpenter Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock valued at $406,096,000 after acquiring an additional 15,564 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after buying an additional 438,781 shares during the last quarter. American Century Companies Inc. grew its position in shares of Carpenter Technology by 129.5% during the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock worth $93,044,000 after buying an additional 479,047 shares during the period. Hawk Ridge Capital Management LP grew its position in shares of Carpenter Technology by 199.1% during the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock worth $48,741,000 after buying an additional 458,227 shares during the period. Finally, Wolf Hill Capital Management LP bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $73,850,000. 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.