Carpenter Technology (NYSE:CRS) Sets New 12-Month High – Still a Buy?

Shares of Carpenter Technology Corporation (NYSE:CRS) reached a new 52-week high during trading on Wednesday . The company traded as high as $410.28 and last traded at $405.40, with a volume of 227402 shares traded. The stock had previously closed at $401.08.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. TD Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Susquehanna began coverage on Carpenter Technology in a report on Tuesday. They issued a “positive” rating and a $470.00 price objective on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Finally, BTIG Research upped their target price on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $385.50.

Carpenter Technology Stock Down 3.4%

The stock has a market cap of $19.01 billion, a PE ratio of 44.32, a P/E/G ratio of 1.62 and a beta of 1.22. The business has a 50 day moving average price of $352.22 and a 200 day moving average price of $305.27. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35.

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

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is presently 9.29%.

Insider Activity at Carpenter Technology

In related news, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Brian J. Malloy sold 43,688 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer directly owned 78,875 shares in the company, valued at approximately $24,013,493.75. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 97,758 shares of company stock worth $31,665,177 in the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

A number of large investors have recently added to or reduced their stakes in CRS. State Street Corp increased its stake in shares of Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after purchasing an additional 192,533 shares in the last quarter. Invesco Ltd. increased its stake in Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after buying an additional 327,302 shares in the last quarter. Egerton Capital UK LLP raised its holdings in shares of Carpenter Technology by 13.0% during the fourth 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 during the last quarter. SurgoCap Partners LP lifted its position 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 valued at $294,377,000 after acquiring an additional 272,896 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Carpenter Technology by 8.8% in 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 during the last quarter. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.