Analysts Set Carpenter Technology Co. (NYSE:CRS) Price Target at $168.00

Carpenter Technology Co. (NYSE:CRS) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $168.00.

Several research firms recently issued reports on CRS. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Northcoast Research upgraded Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. Finally, BTIG Research set a $230.00 price objective on Carpenter Technology in a report on Friday, January 31st.

Carpenter Technology Stock Down 0.5%

Shares of CRS stock opened at $234.42 on Friday. The firm has a market capitalization of $11.67 billion, a PE ratio of 44.23, a P/E/G ratio of 0.93 and a beta of 1.33. Carpenter Technology has a fifty-two week low of $95.17 and a fifty-two week high of $236.59. The stock’s 50-day simple moving average is $190.42 and its 200-day simple moving average is $188.51. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. Carpenter Technology’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.19 earnings per share. Equities analysts expect that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its board has approved a stock buyback program on Thursday, April 24th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s payout ratio is 11.33%.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 3,433 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the transaction, the director now directly owns 6,732 shares of the company’s stock, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in shares of Carpenter Technology by 471.1% during the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock worth $16,236,000 after acquiring an additional 83,930 shares in the last quarter. Park Avenue Securities LLC bought a new position in Carpenter Technology during the fourth quarter valued at about $419,000. Radnor Capital Management LLC bought a new position in shares of Carpenter Technology in the fourth quarter worth about $204,000. Burney Co. increased its stake in shares of Carpenter Technology by 6.2% in the fourth quarter. Burney Co. now owns 2,045 shares of the basic materials company’s stock worth $347,000 after purchasing an additional 120 shares during the period. Finally, Ameritas Advisory Services LLC bought a new position in shares of Carpenter Technology in the fourth quarter worth about $511,000. 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.