Carpenter Technology (NYSE:CRS) Rating Increased to Hold at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Carpenter Technology (NYSE:CRS) to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

Other analysts have also issued reports about the company. KeyCorp started coverage on Carpenter Technology in a report on Wednesday, March 25th. They set an “overweight” rating and a $380.00 target price on the stock. Susquehanna initiated coverage on Carpenter Technology in a report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price target for the company. 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Finally, BTIG Research lifted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $387.11.

Carpenter Technology Trading Up 2.5%

NYSE CRS opened at $404.16 on Tuesday. Carpenter Technology has a 1 year low of $138.61 and a 1 year high of $421.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. The company has a market capitalization of $20.13 billion, a PE ratio of 46.94, a P/E/G ratio of 1.55 and a beta of 1.24. The company has a fifty day moving average of $373.64 and a 200 day moving average of $324.73.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.13. The company had revenue of $728.00 million for the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the firm earned $1.66 EPS. Research analysts forecast that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were given a $0.20 dividend. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 9.29%.

Insider Transactions at Carpenter Technology

In related news, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the sale, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the sale, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,300 shares of company stock valued at $8,664,044 in the last three months. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the company. Ion Asset Management Ltd. purchased a new stake in shares of Carpenter Technology during the third quarter worth $4,027,000. American Century Companies Inc. raised its position in shares of Carpenter Technology by 4.0% in the third quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after buying an additional 18,201 shares during the last quarter. Kinetic Partners Management LP lifted its stake in shares of Carpenter Technology by 15.5% in the third quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock worth $94,901,000 after buying an additional 51,800 shares in the last quarter. WCM Investment Management LLC lifted its stake in shares of Carpenter Technology by 77.9% in the third quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company’s stock worth $86,261,000 after buying an additional 156,554 shares in the last quarter. Finally, Bright Futures Wealth Management LLC. acquired a new position in Carpenter Technology during the third quarter worth about $674,000. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.