Carpenter Technology Corporation (NYSE:CRS) Given Average Recommendation of “Moderate Buy” by Analysts

Carpenter Technology Corporation (NYSE:CRSGet Free Report) has been given an average recommendation of “Moderate Buy” by the six brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $244.75.

A number of analysts have recently weighed in on CRS shares. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research note on Tuesday. Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. Benchmark upped their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th.

Read Our Latest Research Report on CRS

Insider Buying and Selling

In related news, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director now directly owns 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently made changes to their positions in the company. Pictet Asset Management Holding SA raised its holdings in shares of Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company’s stock valued at $1,165,000 after acquiring an additional 877 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Carpenter Technology during the fourth quarter valued at approximately $18,731,000. Commonwealth Equity Services LLC raised its holdings in shares of Carpenter Technology by 1.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company’s stock valued at $1,846,000 after acquiring an additional 160 shares during the period. UMB Bank n.a. raised its holdings in shares of Carpenter Technology by 54.9% during the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company’s stock valued at $85,000 after acquiring an additional 167 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Carpenter Technology during the fourth quarter valued at approximately $193,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Trading Up 0.9%

Carpenter Technology stock opened at $253.19 on Monday. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. The firm has a 50-day moving average price of $220.82 and a two-hundred day moving average price of $198.12. The firm has a market capitalization of $12.60 billion, a price-to-earnings ratio of 35.86, a PEG ratio of 1.05 and a beta of 1.37. Carpenter Technology has a 52-week low of $95.70 and a 52-week high of $256.52.

Carpenter Technology (NYSE:CRSGet Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 EPS. Sell-side analysts expect that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its board has approved a share repurchase program on Thursday, April 24th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were issued a $0.20 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.32%. Carpenter Technology’s payout ratio is currently 11.33%.

Carpenter Technology Company Profile

(Get Free Report

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.

Further Reading

Analyst Recommendations for Carpenter Technology (NYSE:CRS)

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