Carpenter Technology (NYSE:CRS) Reaches New 12-Month High – What’s Next?

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

Analysts Set New Price Targets

Several analysts recently commented on the company. Susquehanna initiated coverage on Carpenter Technology in a report on Tuesday. They set a “positive” rating and a $470.00 target price on the stock. BTIG Research boosted 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. TD Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price for the company in a report on Thursday, November 13th. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $385.50.

Carpenter Technology Stock Up 1.9%

The business has a 50-day moving average price of $349.46 and a 200-day moving average price of $303.88. The stock has a market cap of $20.36 billion, a PE ratio of 47.48, a price-to-earnings-growth ratio of 1.60 and a beta of 1.22. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business had revenue of $728.00 million for the quarter, compared to the consensus estimate of $733.76 million. During the same period last year, the firm posted $1.66 earnings per share. The company’s revenue was up 7.5% compared to the same quarter last year. As a group, analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction dated 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 transaction, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the firm’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 sale, the senior vice president directly owned 73,739 shares of the company’s stock, valued at $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 97,758 shares of company stock valued at $31,665,177. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Large investors have recently made changes to their positions in the stock. WCM Investment Management LLC boosted its position in shares of Carpenter Technology by 77.9% during the 3rd quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company’s stock worth $86,261,000 after purchasing an additional 156,554 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of Carpenter Technology by 43.3% in the second quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock valued at $15,500,000 after purchasing an additional 16,954 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in Carpenter Technology during the third quarter worth about $1,373,000. Whitaker Myers Wealth Managers LTD. acquired a new position in Carpenter Technology during the third quarter worth about $797,000. Finally, Schroder Investment Management Group increased its holdings in Carpenter Technology by 11.1% in the second quarter. Schroder Investment Management Group now owns 57,625 shares of the basic materials company’s stock valued at $15,926,000 after buying an additional 5,757 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.