Carpenter Technology (NYSE:CRS) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Carpenter Technology (NYSE:CRS) in a research note published on Wednesday morning, MarketBeat Ratings reports. The firm issued an equal weight rating and a $400.00 target price on the basic materials company’s stock.

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Susquehanna initiated coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. BTIG Research increased their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Finally, KeyCorp started coverage on shares of Carpenter Technology in a research note on Wednesday, March 25th. They issued an “overweight” rating and a $380.00 price objective on the stock. 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $387.11.

Carpenter Technology Trading Up 0.2%

CRS stock opened at $392.38 on Wednesday. The company has a market cap of $19.54 billion, a P/E ratio of 45.57, a PEG ratio of 1.53 and a beta of 1.24. Carpenter Technology has a twelve month low of $138.61 and a twelve month high of $421.12. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The business has a fifty day moving average of $375.93 and a 200-day moving average of $326.24.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results 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. The business had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.66 earnings per share. As a group, equities research analysts expect that Carpenter Technology will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Insider Transactions at Carpenter Technology

In related news, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the stock in a transaction that occurred 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 sale, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 22,300 shares of company stock worth $8,664,044. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Woodline Partners LP acquired a new stake in shares of Carpenter Technology during the first quarter worth $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after purchasing an additional 1,701 shares during the period. Focus Partners Wealth increased its holdings in Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after purchasing an additional 314 shares in the last quarter. Choreo LLC bought a new position in Carpenter Technology during the 2nd quarter worth about $210,000. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of Carpenter Technology by 187.7% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 32,944 shares of the basic materials company’s stock valued at $9,105,000 after purchasing an additional 21,492 shares during the period. 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.