Carpenter Technology (NYSE:CRS) Sets New 52-Week High – Should You Buy?

Carpenter Technology Co. (NYSE:CRS)’s stock price hit a new 52-week high on Monday . The stock traded as high as $196.84 and last traded at $195.11, with a volume of 53265 shares changing hands. The stock had previously closed at $190.97.

Analyst Ratings Changes

Several analysts recently weighed in on the company. BTIG Research increased their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Benchmark restated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. assumed coverage on Carpenter Technology in a research note on Friday, November 22nd. They set an “overweight” rating and a $220.00 target price for the company. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $153.00.

Carpenter Technology Stock Performance

The firm has a fifty day simple moving average of $163.94 and a 200 day simple moving average of $136.46. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 43.68, a PEG ratio of 0.97 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $742.96 million. During the same quarter in the prior year, the firm posted $0.88 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts expect that Carpenter Technology Co. will post 6.61 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology’s payout ratio is presently 17.82%.

Hedge Funds Weigh In On Carpenter Technology

A number of hedge funds have recently modified their holdings of the stock. Strengthening Families & Communities LLC raised its holdings in shares of Carpenter Technology by 0.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock worth $2,763,000 after buying an additional 100 shares in the last quarter. CWM LLC raised its holdings in shares of Carpenter Technology by 12.6% in the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company’s stock worth $101,000 after buying an additional 103 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Carpenter Technology by 9.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after buying an additional 136 shares in the last quarter. KBC Group NV raised its holdings in shares of Carpenter Technology by 13.5% in the 3rd quarter. KBC Group NV now owns 1,355 shares of the basic materials company’s stock worth $216,000 after buying an additional 161 shares in the last quarter. Finally, Arete Wealth Advisors LLC grew its position in Carpenter Technology by 7.5% during the 3rd quarter. Arete Wealth Advisors LLC now owns 2,423 shares of the basic materials company’s stock worth $384,000 after acquiring an additional 169 shares during the last quarter. 92.03% of the stock is 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.