Carpenter Technology Corp. (CRS) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of Carpenter Technology Corp. (NYSE:CRS) have been assigned an average broker rating score of 3.00 (Hold) from the four brokers that cover the company, Zacks Investment Research reports. Four investment analysts have rated the stock with a hold rating. Carpenter Technology Corp.’s rating score has declined by 20% from 90 days ago as a result of various analysts’ upgrades and downgrades.
Brokerages have set a 12-month consensus price target of $37.67 for the company and are predicting that the company will post $0.22 EPS for the current quarter, according to Zacks. Zacks has also given Carpenter Technology Corp. an industry rank of 217 out of 265 based on the ratings given to related companies.
A number of equities research analysts have commented on the stock. Zacks Investment Research raised shares of Carpenter Technology Corp. from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Monday, October 3rd. Seaport Global Securities started coverage on shares of Carpenter Technology Corp. in a research report on Friday, September 9th. They issued a “neutral” rating and a $38.00 price objective on the stock. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $42.00 target price on shares of Carpenter Technology Corp. in a research report on Friday, July 8th.
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In other Carpenter Technology Corp. news, Director Gregory A. Pratt sold 10,358 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of C$38.78, for a total transaction of C$401,683.24. Following the transaction, the director now directly owns 12,613 shares of the company’s stock, valued at approximately C$489,132.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.60% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CRS. A.R.T. Advisors LLC acquired a new position in shares of Carpenter Technology Corp. during the first quarter valued at about $534,000. Invictus RG boosted its stake in Carpenter Technology Corp. by 2,402.9% in the first quarter. Invictus RG now owns 11,263 shares of the company’s stock valued at $386,000 after buying an additional 10,813 shares during the period. Wellington Management Group LLP purchased a new stake in Carpenter Technology Corp. during the first quarter valued at approximately $15,171,000. Meeder Asset Management Inc. purchased a new stake in Carpenter Technology Corp. during the first quarter valued at approximately $639,000. Finally, State Street Corp boosted its stake in Carpenter Technology Corp. by 15.9% in the first quarter. State Street Corp now owns 2,152,286 shares of the company’s stock valued at $73,673,000 after buying an additional 294,803 shares during the period. 95.87% of the stock is currently owned by institutional investors.
Carpenter Technology Corp. (NYSE:CRS) traded up 2.29% on Monday, reaching $38.83. 63,325 shares of the company were exchanged. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 168.83 and a beta of 2.01. The stock has a 50-day moving average price of $38.42 and a 200 day moving average price of $35.82. Carpenter Technology Corp. has a 52 week low of $23.99 and a 52 week high of $42.27.
Carpenter Technology Corp. (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Carpenter Technology Corp. had a net margin of 0.63% and a return on equity of 4.66%. The company had revenue of $457.70 million for the quarter, compared to the consensus estimate of $454 million. During the same period in the prior year, the firm posted $0.52 EPS. The company’s quarterly revenue was down 18.0% compared to the same quarter last year. Analysts forecast that Carpenter Technology Corp. will post $1.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, October 25th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Friday, October 21st. Carpenter Technology Corp.’s dividend payout ratio (DPR) is 327.27%.
Carpenter Technology Corp. Company Profile
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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