Carpenter Technology (NYSE:CRS) Sets New 12-Month High – Time to Buy?

Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high during trading on Tuesday . The stock traded as high as $597.52 and last traded at $588.0680, with a volume of 1350966 shares traded. The stock had previously closed at $586.47.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company raised their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. BTIG Research increased their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. KeyCorp raised their price objective on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Susquehanna upped their target price on Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $458.62.

Carpenter Technology Price Performance

The firm has a market cap of $28.91 billion, a PE ratio of 61.23, a price-to-earnings-growth ratio of 1.99 and a beta of 1.25. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The firm has a 50-day simple moving average of $472.42 and a 200 day simple moving average of $399.15.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.88 EPS. As a group, equities analysts expect that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is 8.42%.

Insider Buying and Selling

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director directly owned 750 shares in the company, valued at approximately $317,895. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds have recently added to or reduced their stakes in CRS. Ion Asset Management Ltd. purchased a new position in Carpenter Technology in the third quarter worth about $4,027,000. American Century Companies Inc. grew its holdings in shares of Carpenter Technology by 4.0% during the third quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after buying an additional 18,201 shares during the last quarter. Kinetic Partners Management LP increased its position in shares of Carpenter Technology by 15.5% during the third quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after acquiring an additional 51,800 shares in the last quarter. Bright Futures Wealth Management LLC. bought a new stake in shares of Carpenter Technology during the third quarter valued at approximately $674,000. Finally, Citigroup Inc. increased its position in shares of Carpenter Technology by 64.3% during the third quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock valued at $8,648,000 after acquiring an additional 13,779 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

About Carpenter Technology

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.