Carpenter Technology (CRS) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research downgraded shares of Carpenter Technology (NYSE:CRS) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials. These products have been used in planes, cars and trucks, electronic equipment, medical devices and instruments, industrial fittings, sporting goods, and oil and gas exploration and processing. Carpenter engineered materials have been used in hundreds of applications from industrial tools to jet engines to fuel injectors and medical implants. Its engineered materials are known for their dependability, strength, toughness, corrosion resistance, and the ability to stay intact in high temperatures. “
CRS has been the topic of several other reports. KeyCorp reaffirmed a hold rating on shares of Carpenter Technology in a report on Wednesday, October 11th. Cowen upped their price target on shares of Carpenter Technology from $37.00 to $53.00 in a report on Thursday, October 26th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $52.25.
Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, February 1st. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. Carpenter Technology had a return on equity of 7.94% and a net margin of 8.30%. The firm had revenue of $487.80 million for the quarter, compared to the consensus estimate of $482.20 million. During the same period in the prior year, the firm earned $0.15 EPS. The firm’s revenue was up 14.1% on a year-over-year basis. research analysts predict that Carpenter Technology will post 2.41 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Tuesday, February 6th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.55%. The ex-dividend date is Monday, February 5th. Carpenter Technology’s payout ratio is 21.24%.
In other Carpenter Technology news, COO Joseph E. Haniford sold 11,448 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $49.09, for a total value of $561,982.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.51% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the business. Amalgamated Bank boosted its holdings in Carpenter Technology by 1.2% in the second quarter. Amalgamated Bank now owns 6,581 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 78 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in Carpenter Technology by 0.8% in the second quarter. Macquarie Group Ltd. now owns 40,881 shares of the basic materials company’s stock valued at $1,530,000 after purchasing an additional 311 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Carpenter Technology by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 5,614 shares of the basic materials company’s stock valued at $210,000 after purchasing an additional 370 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Carpenter Technology by 10.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 7,634 shares of the basic materials company’s stock valued at $286,000 after purchasing an additional 702 shares during the last quarter. Finally, Verition Fund Management LLC boosted its holdings in Carpenter Technology by 13.6% in the second quarter. Verition Fund Management LLC now owns 10,149 shares of the basic materials company’s stock valued at $380,000 after purchasing an additional 1,214 shares during the last quarter. 94.67% of the stock is currently owned by institutional investors.
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About Carpenter Technology
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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