Carpenter Technology Corporation (NYSE:CRS) Stock Has Average Target Price of $577.25

Carpenter Technology Corporation (NYSE:CRS) has been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $577.25.

Several research analysts have recently commented on CRS shares. JPMorgan Chase & Co. lowered their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Wells Fargo & Company increased their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Monday, August 31st. Finally, BTIG Research increased their price objective on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st.

Carpenter Technology Trading Up 1.2%

Shares of NYSE CRS opened at $399.78 on Friday. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $19.81 billion, a PE ratio of 38.00, a PEG ratio of 1.41 and a beta of 1.26. Carpenter Technology has a twelve month low of $228.00 and a twelve month high of $625.98. The stock has a fifty day simple moving average of $499.59 and a 200-day simple moving average of $481.04.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.Carpenter Technology’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.21 EPS. On average, equities analysts forecast that Carpenter Technology will post 13.28 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is 7.60%.

Insider Buying and Selling at Carpenter Technology

In other news, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,996 shares of company stock valued at $54,644,436 in the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds and other institutional investors have recently modified their holdings of CRS. Keating Financial Advisory Services Inc. acquired a new position in shares of Carpenter Technology during the second quarter worth $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Carpenter Technology during the 1st quarter worth about $30,000. SJS Investment Consulting Inc. boosted its holdings in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 36 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in Carpenter Technology in the second quarter valued at approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Carpenter Technology during the second quarter worth approximately $56,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.