Carpenter Technology (NYSE:CRS) Hits New 1-Year High – What’s Next?

Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high on Friday . The stock traded as high as $366.02 and last traded at $358.40, with a volume of 41626 shares changing hands. The stock had previously closed at $348.65.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. BTIG Research lifted their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. TD Cowen restated a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Jones Trading initiated coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $373.43.

Carpenter Technology Price Performance

The stock has a market cap of $18.12 billion, a P/E ratio of 42.29, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. The business has a 50-day simple moving average of $325.74 and a 200 day simple moving average of $288.18. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. The business had revenue of $589.10 million during the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. Carpenter Technology’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.66 earnings per share. On average, analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 9.29%.

Insider Buying and Selling

In other Carpenter Technology news, COO Brian J. Malloy sold 43,688 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the transaction, the chief operating officer directly owned 78,875 shares in the company, valued at approximately $24,013,493.75. This represents a 35.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Elizabeth A. Socci sold 3,900 shares of Carpenter Technology stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the sale, the vice president owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This represents a 28.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 79,358 shares of company stock worth $24,254,008 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aspex Management HK Ltd bought a new stake in Carpenter Technology in the 3rd quarter worth about $136,215,000. William Blair Investment Management LLC bought a new stake in Carpenter Technology in the second quarter worth about $134,790,000. TOMS Capital Investment Management LP purchased a new position in Carpenter Technology in the second quarter valued at about $106,683,000. UBS Group AG boosted its stake in Carpenter Technology by 171.2% in the fourth quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock valued at $190,951,000 after acquiring an additional 382,865 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its position in shares of Carpenter Technology by 111.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company’s stock valued at $151,731,000 after acquiring an additional 325,919 shares during the period. Institutional investors 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.