Carpenter Technology Corp. (CRS) Shares Gap Up to $35.91
Carpenter Technology Corp. (NYSE:CRS)’s share price gapped up prior to trading on Monday . The stock had previously closed at $35.62, but opened at $35.91. Carpenter Technology Corp. shares last traded at $36.86, with a volume of 157,395 shares.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research upgraded Carpenter Technology Corp. from a “strong sell” rating to a “hold” rating in a report on Monday, July 18th. Seaport Global Securities assumed coverage on Carpenter Technology Corp. in a report on Friday, September 9th. They issued a “neutral” rating and a $38.00 price objective for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $42.00 price objective on shares of Carpenter Technology Corp. in a report on Friday, July 8th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of C$37.80.
The firm’s 50 day moving average is $37.07 and its 200 day moving average is $34.97. The company has a market capitalization of $1.73 billion, a P/E ratio of 161.35 and a beta of 1.97.
Carpenter Technology Corp. (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $457.70 million for the quarter, compared to analyst estimates of $454 million. Carpenter Technology Corp. had a net margin of 0.63% and a return on equity of 4.66%. The business’s quarterly revenue was down 18.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. On average, equities analysts predict that Carpenter Technology Corp. will post $1.52 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Tuesday, August 23rd were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Friday, August 19th. Carpenter Technology Corp.’s dividend payout ratio (DPR) is presently 327.27%.
In other news, Director Gregory A. Pratt sold 10,358 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of C$38.78, for a total transaction of C$401,683.24. Following the sale, the director now directly owns 12,613 shares of the company’s stock, valued at C$489,132.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.40% of the company’s stock.
Large investors have recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Carpenter Technology Corp. by 15.9% in the first quarter. State Street Corp now owns 2,152,286 shares of the company’s stock worth $73,673,000 after buying an additional 294,803 shares during the period. JPMorgan Chase & Co. raised its stake in Carpenter Technology Corp. by 232.5% in the first quarter. JPMorgan Chase & Co. now owns 253,838 shares of the company’s stock valued at $8,689,000 after buying an additional 177,486 shares during the last quarter. Prudential Financial Inc. raised its stake in Carpenter Technology Corp. by 44.5% in the first quarter. Prudential Financial Inc. now owns 45,920 shares of the company’s stock valued at $1,572,000 after buying an additional 14,140 shares during the last quarter. Pacad Investment Ltd. raised its stake in Carpenter Technology Corp. by 18.7% in the first quarter. Pacad Investment Ltd. now owns 12,700 shares of the company’s stock valued at $435,000 after buying an additional 2,000 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Carpenter Technology Corp. by 20.2% in the second quarter. Ameriprise Financial Inc. now owns 784,286 shares of the company’s stock valued at $25,825,000 after buying an additional 131,918 shares during the last quarter. 96.25% of the stock is currently owned by hedge funds and other institutional investors.
About Carpenter Technology Corp.
Carpenter Technology Corporation is engaged in the manufacture, fabrication and distribution of specialty metals. It develops, manufactures and distributes cast/wrought and powder metal stainless steels and special alloys used in the oil and gas industry. It provides material solutions to the changing needs of the aerospace and defense, energy, transportation, medical and industrial and consumer industries.
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