JPMorgan Chase & Co. Issues Positive Forecast for Carpenter Technology (NYSE:CRS) Stock Price

Carpenter Technology (NYSE:CRS) had its price target raised by JPMorgan Chase & Co. from $470.00 to $705.00 in a report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the basic materials company’s stock.

Several other analysts also recently weighed in on the company. KeyCorp boosted their price objective on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. TD Cowen upped their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company raised their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Finally, BTIG Research increased their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus target price of $556.75.

Carpenter Technology Price Performance

CRS stock opened at $575.60 on Tuesday. The firm has a market cap of $28.60 billion, a P/E ratio of 60.59, a P/E/G ratio of 1.65 and a beta of 1.22. The firm’s fifty day moving average is $517.95 and its 200 day moving average is $426.26. Carpenter Technology has a 52 week low of $228.00 and a 52 week high of $625.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

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

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. Carpenter Technology’s dividend payout ratio is currently 8.42%.

Insider Buying and Selling

In other 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 value of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently modified their holdings of the stock. Jennison Associates LLC bought a new stake in Carpenter Technology during the first quarter valued at about $317,411,000. Sands Capital Management LLC purchased a new stake in Carpenter Technology in the fourth quarter worth about $195,731,000. Norges Bank bought a new position in shares of Carpenter Technology in the fourth quarter worth about $195,254,000. TOMS Capital Investment Management LP bought a new position in shares of Carpenter Technology in the second quarter worth about $106,683,000. Finally, UBS Group AG lifted its position in shares of Carpenter Technology by 171.2% during the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock valued at $190,951,000 after buying an additional 382,865 shares in the last quarter. 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.