Carpenter Technology Corporation (NYSE:CRS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Carpenter Technology Corporation (NYSE:CRS) have earned an average rating of “Moderate Buy” from the eleven ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $371.1429.

CRS has been the topic of several recent analyst reports. TD Cowen boosted their target price on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, October 24th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. Finally, KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a report on Thursday, November 13th.

Carpenter Technology Stock Performance

Shares of CRS opened at $309.02 on Friday. The firm has a market capitalization of $15.39 billion, a PE ratio of 37.78, a P/E/G ratio of 1.41 and a beta of 1.47. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $276.98 and a 200 day moving average price of $260.31. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $342.11.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. Carpenter Technology’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.73 EPS. On average, sell-side analysts anticipate that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology’s payout ratio is currently 9.78%.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares of the company’s stock, valued at $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRS. CWM LLC lifted its position in shares of Carpenter Technology by 23.0% during the 1st quarter. CWM LLC now owns 2,130 shares of the basic materials company’s stock valued at $386,000 after acquiring an additional 398 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Carpenter Technology by 40.3% during the first quarter. Victory Capital Management Inc. now owns 22,408 shares of the basic materials company’s stock worth $4,060,000 after purchasing an additional 6,438 shares during the period. IFP Advisors Inc raised its position in shares of Carpenter Technology by 1,121.7% during the first quarter. IFP Advisors Inc now owns 562 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 516 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Carpenter Technology by 149.4% during the first quarter. Allianz Asset Management GmbH now owns 115,753 shares of the basic materials company’s stock valued at $20,972,000 after purchasing an additional 69,336 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Carpenter Technology by 22.7% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 61,886 shares of the basic materials company’s stock valued at $11,213,000 after purchasing an additional 11,457 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.