Cowen reaffirmed their buy rating on shares of Carpenter Technology (NYSE:CRS) in a research report released on Thursday morning. Cowen currently has a $53.00 price objective on the basic materials company’s stock.

Several other brokerages have also recently commented on CRS. Zacks Investment Research cut Carpenter Technology from a buy rating to a hold rating in a research report on Friday, September 7th. ValuEngine cut Carpenter Technology from a hold rating to a sell rating in a research report on Wednesday, October 24th. Finally, Deutsche Bank set a $50.00 target price on Carpenter Technology and gave the stock a hold rating in a research report on Thursday, October 25th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Carpenter Technology presently has an average rating of Hold and a consensus target price of $54.75.

Shares of Carpenter Technology stock traded up $0.14 during midday trading on Thursday, hitting $42.54. The company’s stock had a trading volume of 2,494 shares, compared to its average volume of 253,725. The stock has a market cap of $1.99 billion, a PE ratio of 17.20 and a beta of 2.25. The company has a quick ratio of 1.23, a current ratio of 3.27 and a debt-to-equity ratio of 0.37. Carpenter Technology has a 1-year low of $39.83 and a 1-year high of $61.49.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, October 24th. The basic materials company reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.09). The business had revenue of $572.40 million during the quarter, compared to analyst estimates of $559.00 million. Carpenter Technology had a return on equity of 9.03% and a net margin of 8.74%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period last year, the business earned $0.49 EPS. Analysts expect that Carpenter Technology will post 3.17 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 6th. Investors of record on Tuesday, October 23rd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. Carpenter Technology’s dividend payout ratio is 32.00%.

Several large investors have recently made changes to their positions in the stock. Arizona State Retirement System raised its holdings in shares of Carpenter Technology by 2.8% during the second quarter. Arizona State Retirement System now owns 32,582 shares of the basic materials company’s stock worth $1,713,000 after acquiring an additional 884 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in shares of Carpenter Technology by 3.2% during the second quarter. Mutual of America Capital Management LLC now owns 40,231 shares of the basic materials company’s stock worth $2,115,000 after acquiring an additional 1,266 shares in the last quarter. Essex Investment Management Co. LLC raised its holdings in shares of Carpenter Technology by 4.4% during the third quarter. Essex Investment Management Co. LLC now owns 31,374 shares of the basic materials company’s stock worth $1,849,000 after acquiring an additional 1,329 shares in the last quarter. Legal & General Group Plc raised its holdings in Carpenter Technology by 2.3% during the third quarter. Legal & General Group Plc now owns 60,165 shares of the basic materials company’s stock valued at $3,546,000 after buying an additional 1,353 shares in the last quarter. Finally, Teachers Advisors LLC raised its holdings in Carpenter Technology by 1.0% during the third quarter. Teachers Advisors LLC now owns 133,240 shares of the basic materials company’s stock valued at $7,854,000 after buying an additional 1,368 shares in the last quarter. Institutional investors and hedge funds own 94.06% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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