Carpenter Technology (NYSE:CRS) Shares Up 4.1%

Carpenter Technology Co. (NYSE:CRS)’s stock price rose 4.1% during mid-day trading on Wednesday . The company traded as high as $106.88 and last traded at $106.25. Approximately 137,813 shares were traded during trading, a decline of 75% from the average daily volume of 546,511 shares. The stock had previously closed at $102.11.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of research analyst reports. BTIG Research initiated coverage on Carpenter Technology in a report on Wednesday. They set a “buy” rating and a $120.00 target price on the stock. TD Cowen lifted their target price on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a report on Tuesday. They set a “buy” rating and a $144.00 target price on the stock. Northcoast Research reissued a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 price target on shares of Carpenter Technology in a research note on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $123.60.

Carpenter Technology Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. The stock has a 50 day moving average of $100.42 and a two-hundred day moving average of $79.22. The stock has a market cap of $5.22 billion, a PE ratio of 40.31 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. During the same quarter in the previous year, the business posted $0.38 EPS. The business’s revenue for the quarter was down .8% on a year-over-year basis. Equities analysts anticipate that Carpenter Technology Co. will post 4.31 EPS for the current year.

Carpenter Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.76%. The ex-dividend date was Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is 30.42%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the transaction, the senior vice president now owns 84,798 shares of the company’s stock, valued at approximately $9,434,625.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the completion of the sale, the senior vice president now directly owns 84,798 shares in the company, valued at approximately $9,434,625.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the sale, the director now owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The disclosure for this sale can be found here. Insiders have sold a total of 59,678 shares of company stock valued at $6,261,693 in the last 90 days. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRS. Deutsche Bank AG increased its position in Carpenter Technology by 13.4% in the 3rd quarter. Deutsche Bank AG now owns 24,427 shares of the basic materials company’s stock worth $1,642,000 after buying an additional 2,894 shares during the period. Kestra Advisory Services LLC increased its position in Carpenter Technology by 7.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 7,256 shares of the basic materials company’s stock worth $488,000 after buying an additional 503 shares during the period. FMR LLC increased its position in Carpenter Technology by 15.9% in the 3rd quarter. FMR LLC now owns 1,545,931 shares of the basic materials company’s stock worth $103,902,000 after buying an additional 212,321 shares during the period. Acadian Asset Management LLC increased its position in Carpenter Technology by 21.2% in the 3rd quarter. Acadian Asset Management LLC now owns 10,193 shares of the basic materials company’s stock worth $685,000 after buying an additional 1,785 shares during the period. Finally, Natixis Advisors L.P. bought a new position in Carpenter Technology in the 3rd quarter worth approximately $1,496,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.