Carpenter Technology (NYSE:CRS) Trading 7.3% Higher – Still a Buy?

Shares of Carpenter Technology Corporation (NYSE:CRS) rose 7.3% during trading on Tuesday . The stock traded as high as $338.88 and last traded at $334.1150. Approximately 141,743 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 892,451 shares. The stock had previously closed at $311.33.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CRS shares. BTIG Research lifted their target price on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a research report on Thursday, November 13th. Finally, TD Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Eight equities research 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 an average price target of $373.43.

Carpenter Technology Price Performance

The firm has a market cap of $16.85 billion, a P/E ratio of 39.29, a PEG ratio of 1.33 and a beta of 1.30. 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 stock’s 50-day simple moving average is $324.51 and its two-hundred day simple moving average is $287.07.

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

Carpenter Technology Dividend Announcement

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors have recently modified their holdings of CRS. Brown Miller Wealth Management LLC grew its stake in Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock worth $444,000 after purchasing an additional 33 shares in the last quarter. Clearstead Advisors LLC grew its position in shares of Carpenter Technology by 17.9% during the 3rd quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after buying an additional 36 shares in the last quarter. Glass Jacobson Investment Advisors llc grew its position in shares of Carpenter Technology by 3.9% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock worth $239,000 after buying an additional 37 shares in the last quarter. ANB Bank increased its stake in shares of Carpenter Technology by 3.3% during the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock valued at $360,000 after buying an additional 42 shares during the period. Finally, Panagora Asset Management Inc. increased its position in Carpenter Technology by 3.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock valued at $404,000 after purchasing an additional 43 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.