Carpenter Technology (NYSE:CRS) Reaches New 12-Month High – Still a Buy?

Carpenter Technology Co. (NYSE:CRS)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $174.44 and last traded at $173.37, with a volume of 26203 shares changing hands. The stock had previously closed at $161.12.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CRS shares. BTIG Research boosted their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Benchmark reissued 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 four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Stock Performance

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 has a market cap of $8.83 billion, a price-to-earnings ratio of 38.95, a PEG ratio of 0.78 and a beta of 1.46. The firm has a 50 day simple moving average of $153.72 and a 200-day simple moving average of $128.46.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The firm had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same period last year, the company earned $0.88 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, analysts predict that Carpenter Technology Co. will post 6.68 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 17.82%.

Hedge Funds Weigh In On Carpenter Technology

A number of hedge funds have recently made changes to their positions in CRS. Vanguard Group Inc. lifted its stake in Carpenter Technology by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after purchasing an additional 15,564 shares in the last quarter. American Century Companies Inc. lifted its stake in 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 acquiring an additional 479,047 shares in the last quarter. Wolf Hill Capital Management LP purchased a new position in Carpenter Technology during the 2nd quarter valued at about $73,850,000. Bayberry Capital Partners LP purchased a new position in Carpenter Technology during the 1st quarter valued at about $35,887,000. Finally, Assenagon Asset Management S.A. grew 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 acquiring an additional 200,364 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

About Carpenter Technology

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.