Carpenter Technology (NYSE:CRS) Hits New 12-Month High – Here’s What Happened

Carpenter Technology Corporation (NYSE:CRS)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $421.12 and last traded at $407.8810, with a volume of 100941 shares trading hands. The stock had previously closed at $394.15.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of research reports. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. BTIG Research increased their price target on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Wells Fargo & Company assumed coverage on Carpenter Technology in a report on Wednesday. They set an “equal weight” rating and a $400.00 price objective on the stock. KeyCorp assumed coverage on Carpenter Technology in a research report on Wednesday, March 25th. They set an “overweight” rating and a $380.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $387.11.

Carpenter Technology Trading Up 4.2%

The business’s fifty day moving average is $372.28 and its 200-day moving average is $324.17. 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 firm has a market cap of $20.46 billion, a P/E ratio of 47.59, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last posted its 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. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. During the same period in the previous year, the firm posted $1.66 EPS. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is currently 9.29%.

Insiders Place Their Bets

In related news, SVP James D. Dee sold 15,800 shares of the stock in a transaction on 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 completion of the sale, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. This represents a 17.65% 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, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 22,300 shares of company stock valued at $8,664,044 over the last 90 days. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology in the second quarter worth approximately $28,000. Armstrong Advisory Group Inc. increased its position in Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares during the period. Root Financial Partners LLC bought a new position in Carpenter Technology during the 3rd quarter worth approximately $41,000. MassMutual Private Wealth & Trust FSB raised its holdings in Carpenter Technology by 54.1% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 60 shares during the last quarter. Finally, Spire Wealth Management lifted its position in shares of Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the period. 92.03% of the stock is currently owned by institutional investors.

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.