Brokerages Set Carpenter Technology Corporation (NYSE:CRS) Price Target at $438.78

Shares of Carpenter Technology Corporation (NYSE:CRS) have earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $438.7778.

A number of brokerages have recently commented on CRS. Weiss Ratings upgraded Carpenter Technology from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, May 8th. TD Cowen boosted their price target on Carpenter Technology from $430.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. KeyCorp upped their price objective on Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, BTIG Research lifted their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th.

Carpenter Technology Trading Up 3.6%

Shares of Carpenter Technology stock opened at $421.03 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The firm has a fifty day moving average price of $411.95 and a 200 day moving average price of $364.52. Carpenter Technology has a 1 year low of $219.58 and a 1 year high of $475.69. The stock has a market cap of $20.92 billion, a PE ratio of 44.32, a price-to-earnings-growth ratio of 1.52 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.88 earnings per share. Equities research analysts predict that Carpenter Technology will post 10.43 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on Tuesday, February 24th. The shares were 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. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 28,365 shares of company stock valued at $11,722,687. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Large investors have recently bought and sold shares of the business. Meeder Advisory Services Inc. increased its position in shares of Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after buying an additional 32 shares in the last quarter. Abel Hall LLC lifted its position in shares of Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after buying an additional 32 shares in the last quarter. Brown Miller Wealth Management LLC grew its stake in Carpenter Technology by 2.4% in the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock valued at $444,000 after acquiring an additional 33 shares during the period. Northwestern Mutual Investment Management Company LLC increased its holdings in Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after acquiring an additional 34 shares in the last quarter. Finally, Clearstead Advisors LLC increased its holdings in Carpenter Technology by 17.9% in the 3rd quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after acquiring an additional 36 shares in the last quarter. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.