Carpenter Technology (NYSE:CRS) Reaches New 52-Week High – Should You Buy?

Carpenter Technology Corporation (NYSE:CRS)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $399.20 and last traded at $395.8630, with a volume of 489225 shares changing hands. The stock had previously closed at $392.47.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Finally, BTIG Research boosted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. 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 company currently has an average rating of “Moderate Buy” and an average target price of $373.43.

Carpenter Technology Stock Performance

The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The stock has a market cap of $19.72 billion, a price-to-earnings ratio of 45.98, a P/E/G ratio of 1.54 and a beta of 1.30. The firm has a fifty day simple moving average of $343.60 and a 200-day simple moving average of $299.23.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.66 earnings per share. Analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal 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. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 9.29%.

Insider Transactions at Carpenter Technology

In related news, 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 transaction of $13,300,811.60. Following the completion of the transaction, the chief operating officer owned 78,875 shares in the company, valued at approximately $24,013,493.75. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 81,958 shares of company stock valued at $25,475,053. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its position in shares of Carpenter Technology by 30.3% in the fourth quarter. Pacer Advisors Inc. now owns 8,565 shares of the basic materials company’s stock valued at $2,697,000 after acquiring an additional 1,990 shares during the period. Virtu Financial LLC acquired a new position in shares of Carpenter Technology in the 4th quarter valued at approximately $2,780,000. Vinland Capital Management Gestora de Recursos LTDA. acquired a new stake in shares of Carpenter Technology during the 4th quarter worth approximately $152,000. Dorsey Wright & Associates increased its stake in Carpenter Technology by 3.2% in the fourth quarter. Dorsey Wright & Associates now owns 39,012 shares of the basic materials company’s stock valued at $12,283,000 after acquiring an additional 1,216 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of 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. 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.