Carpenter Technology (NYSE:CRS) Sets New 52-Week High – Here’s Why

Carpenter Technology Corporation (NYSE:CRS)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $374.00 and last traded at $386.09, with a volume of 473 shares traded. The stock had previously closed at $369.70.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. TD Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Finally, Jones Trading started coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $373.43.

Carpenter Technology Price Performance

The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The firm has a market cap of $18.56 billion, a P/E ratio of 43.38, a PEG ratio of 1.42 and a beta of 1.30. The company has a 50 day moving average of $329.94 and a two-hundred day moving average of $290.76.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter in the previous year, the company posted $1.66 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is 9.29%.

Insiders Place Their Bets

In other news, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Brian J. Malloy sold 43,688 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total value of $13,300,811.60. Following the completion of the transaction, the chief operating officer owned 78,875 shares of the company’s stock, valued at $24,013,493.75. This trade represents a 35.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 79,358 shares of company stock worth $24,254,008 over the last 90 days. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp lifted its position in Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after buying an additional 192,533 shares in the last quarter. Egerton Capital UK LLP grew its holdings in shares of Carpenter Technology by 13.0% during the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after acquiring an additional 178,679 shares in the last quarter. SurgoCap Partners LP increased its stake in shares of Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after acquiring an additional 272,896 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Carpenter Technology by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock worth $307,333,000 after acquiring an additional 78,588 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Carpenter Technology by 20.5% during the third quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company’s stock worth $154,840,000 after acquiring an additional 107,552 shares in the last quarter. Hedge funds and other institutional investors 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.