Carpenter Technology (NYSE:CRS) Price Target Raised to $116.00 at TD Cowen

Carpenter Technology (NYSE:CRS) had its price objective hoisted by TD Cowen from $90.00 to $116.00 in a report issued on Thursday, Benzinga reports. TD Cowen currently has a buy rating on the basic materials company’s stock.

Carpenter Technology Stock Up 3.7 %

Carpenter Technology stock traded up $3.74 during trading hours on Thursday, hitting $103.64. The company had a trading volume of 892,810 shares, compared to its average volume of 700,732. The firm’s fifty day moving average is $74.07 and its 200-day moving average is $69.03. The firm has a market capitalization of $5.14 billion, a P/E ratio of 39.43 and a beta of 1.47. Carpenter Technology has a fifty-two week low of $44.40 and a fifty-two week high of $104.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.26.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping 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 business had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same period last year, the company earned $0.38 earnings per share. Carpenter Technology’s quarterly revenue was down .8% compared to the same quarter last year. On average, research analysts forecast that Carpenter Technology will post 3.97 earnings per share for the current year.

Carpenter Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be paid a dividend of $0.20 per share. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.77%. Carpenter Technology’s dividend payout ratio is 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. American International Group Inc. lifted its position in shares of Carpenter Technology by 0.7% in the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock worth $1,887,000 after buying an additional 188 shares during the last quarter. Arizona State Retirement System boosted its position in Carpenter Technology by 1.5% during the third quarter. Arizona State Retirement System now owns 13,823 shares of the basic materials company’s stock worth $929,000 after purchasing an additional 198 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Carpenter Technology by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock worth $825,000 after buying an additional 215 shares during the period. Range Financial Group LLC grew its stake in Carpenter Technology by 2.5% in the 4th quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock valued at $760,000 after buying an additional 259 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Carpenter Technology by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock worth $1,835,000 after acquiring an additional 281 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.