Carpenter Technology Corporation (NYSE:CRS) Receives $481.75 Consensus Price Target from Analysts

Carpenter Technology Corporation (NYSE:CRS) has earned an average rating of “Moderate Buy” from the ten research firms that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $481.75.

Several research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Susquehanna lifted their target price on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a report on Thursday, April 30th. Wells Fargo & Company boosted their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Finally, BTIG Research upped their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th.

Insider Buying and Selling

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRS. Ion Asset Management Ltd. purchased a new position in Carpenter Technology during the third quarter worth about $4,027,000. Kinetic Partners Management LP increased its holdings in shares of Carpenter Technology by 15.5% during the 3rd 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 during the last quarter. Dorsey Wright & Associates purchased a new stake in shares of Carpenter Technology during the 3rd quarter valued at approximately $9,280,000. Tyro Capital Management LLC raised its position in shares of Carpenter Technology by 62.5% during the 3rd quarter. Tyro Capital Management LLC now owns 126,250 shares of the basic materials company’s stock valued at $30,999,000 after buying an additional 48,576 shares during the period. Finally, Jain Global LLC lifted its holdings in Carpenter Technology by 322.9% in the third quarter. Jain Global LLC now owns 105,640 shares of the basic materials company’s stock valued at $25,939,000 after acquiring an additional 80,661 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

Shares of CRS opened at $591.39 on Friday. The company has a 50 day moving average of $502.69 and a two-hundred day moving average of $417.46. The company has a market cap of $29.39 billion, a price-to-earnings ratio of 62.25, a price-to-earnings-growth ratio of 1.82 and a beta of 1.22. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $1.88 earnings per share. As a group, analysts predict that Carpenter Technology will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology’s dividend payout ratio is presently 8.42%.

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.