Carpenter Technology Corporation (NYSE:CRS) Receives $385.50 Consensus PT from Brokerages

Carpenter Technology Corporation (NYSE:CRS) has earned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $387.1111.

A number of research analysts have recently commented on CRS shares. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. KeyCorp began coverage on Carpenter Technology in a research note on Wednesday, March 25th. They set an “overweight” rating and a $380.00 price objective for the company. Wells Fargo & Company initiated coverage on Carpenter Technology in a research report on Wednesday. They set an “equal weight” rating and a $400.00 target price for the company. BTIG Research raised their price target on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Finally, JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology 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 sale, the senior vice president directly owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,300 shares of company stock valued at $8,664,044 over the last ninety days. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

Large investors have recently modified their holdings of the company. State Street Corp boosted its stake in Carpenter Technology by 10.1% in the third 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. Invesco Ltd. raised its stake in shares of Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after acquiring an additional 327,302 shares in the last quarter. Egerton Capital UK LLP lifted its holdings in shares of Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after acquiring an additional 178,679 shares during the last quarter. SurgoCap Partners LP lifted its holdings in shares of Carpenter Technology by 29.5% in the 3rd 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. Finally, Geode Capital Management LLC boosted its stake in shares of Carpenter Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after purchasing an additional 78,588 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

Shares of CRS opened at $392.38 on Friday. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $421.12. The stock’s 50-day simple moving average is $374.81 and its 200 day simple moving average is $325.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The stock has a market capitalization of $19.54 billion, a price-to-earnings ratio of 45.57, a price-to-earnings-growth ratio of 1.59 and a beta of 1.24.

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

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders 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 dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 9.29%.

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.