Carpenter Technology Co. (NYSE:CRS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Carpenter Technology Co. (NYSE:CRS) have earned an average recommendation of “Moderate Buy” from the five research firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $123.60.

CRS has been the subject of a number of analyst reports. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 target price on shares of Carpenter Technology in a research report on Friday, June 14th. Benchmark restated a “buy” rating and issued a $140.00 price objective on shares of Carpenter Technology in a report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft assumed 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. TD Cowen raised their price target on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, BTIG Research initiated coverage on Carpenter Technology in a research note on Wednesday, June 26th. They set a “buy” rating and a $120.00 price objective on the stock.

Carpenter Technology Trading Up 2.4 %

CRS opened at $109.58 on Wednesday. The firm’s fifty day simple moving average is $102.17 and its 200 day simple moving average is $80.08. Carpenter Technology has a 12 month low of $51.94 and a 12 month high of $112.75. The stock has a market capitalization of $5.44 billion, a P/E ratio of 41.67 and a beta of 1.47. The company has a current ratio of 3.20, a quick ratio of 1.45 and a debt-to-equity ratio of 0.46.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. The business had revenue of $684.90 million for the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. Carpenter Technology’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 EPS. As a group, research analysts anticipate that Carpenter Technology will post 4.35 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend was Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio (DPR) is currently 30.42%.

Insider Buying and Selling at Carpenter Technology

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

Institutional Investors Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Carpenter Technology by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company’s stock worth $393,562,000 after buying an additional 53,994 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Carpenter Technology by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock worth $256,072,000 after acquiring an additional 43,589 shares in the last quarter. FMR LLC lifted its holdings in shares of Carpenter Technology by 15.9% in the third quarter. FMR LLC now owns 1,545,931 shares of the basic materials company’s stock worth $103,902,000 after acquiring an additional 212,321 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares in the last quarter. Finally, Hawk Ridge Capital Management LP grew its holdings 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 valued at $48,741,000 after purchasing an additional 458,227 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.