Carpenter Technology (NYSE:CRS) Hits New 12-Month High Following Strong Earnings

Carpenter Technology Corporation (NYSE:CRS)’s stock price hit a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $307.72 and last traded at $299.32, with a volume of 3932122 shares changing hands. The stock had previously closed at $244.79.

The basic materials company reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. The business had revenue of $733.70 million during 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%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.73 earnings per share.

Carpenter Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CRS shares. Weiss Ratings reiterated a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. BTIG Research restated a “buy” rating on shares of Carpenter Technology in a research note on Monday, August 4th. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the company a “buy” rating in a research report on Friday. Finally, Jones Trading started coverage on shares of Carpenter Technology in a research note on Wednesday. They set a “buy” rating and a $400.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $333.33.

Insider Buying and Selling

In related news, CEO Tony R. Thene sold 19,000 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director directly owned 6,732 shares of the company’s stock, valued at $1,646,243.28. This represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 in the last three months. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new position in Carpenter Technology during the second quarter worth $28,000. Rise Advisors LLC acquired a new stake in Carpenter Technology during the 1st quarter worth about $31,000. IMA Advisory Services Inc. bought a new position in shares of Carpenter Technology in the 1st quarter worth about $36,000. Bessemer Group Inc. lifted its stake in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 77 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of Carpenter Technology by 54.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Trading Up 4.5%

The firm has a 50-day moving average of $246.12 and a 200 day moving average of $241.58. The company has a market cap of $15.63 billion, a P/E ratio of 38.34, a price-to-earnings-growth ratio of 1.42 and a beta of 1.46. The company has a current ratio of 4.44, a quick ratio of 2.01 and a debt-to-equity ratio of 0.36.

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.