Carpenter Technology (NYSE:CRS) Hits New 12-Month High on Analyst Upgrade

Carpenter Technology Co. (NYSE:CRS) reached a new 52-week high during mid-day trading on Wednesday after Benchmark raised their price target on the stock from $100.00 to $140.00. Benchmark currently has a buy rating on the stock. Carpenter Technology traded as high as $106.71 and last traded at $105.75, with a volume of 309072 shares trading hands. The stock had previously closed at $102.54.

Other equities analysts have also recently issued research reports about the stock. Northcoast Research reaffirmed a “neutral” rating on shares of Carpenter Technology in a research report on Monday. TD Cowen lifted their target price on Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $109.67.

Insider Activity at Carpenter Technology

In other news, VP Elizabeth A. Socci sold 802 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the sale, the director now directly owns 244,126 shares in the company, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Elizabeth A. Socci sold 802 shares of Carpenter Technology stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the transaction, the vice president now owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Phocas Financial Corp. bought a new position in shares of Carpenter Technology in the fourth quarter worth $3,396,000. Consolidated Portfolio Review Corp bought a new position in Carpenter Technology in the 4th quarter worth about $1,297,000. Penserra Capital Management LLC grew its holdings in Carpenter Technology by 6,477.1% during the 3rd quarter. Penserra Capital Management LLC now owns 37,884 shares of the basic materials company’s stock valued at $2,546,000 after buying an additional 37,308 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Carpenter Technology during the fourth quarter valued at about $100,000. Finally, Kestra Advisory Services LLC lifted its holdings in shares of Carpenter Technology by 7.4% in the third quarter. Kestra Advisory Services LLC now owns 7,256 shares of the basic materials company’s stock worth $488,000 after buying an additional 503 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Price Performance

The business’s 50-day moving average price is $77.18 and its 200 day moving average price is $70.16. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $5.26 billion, a P/E ratio of 40.35 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. The business had revenue of $684.90 million for the quarter, compared to the consensus estimate of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. Carpenter Technology’s quarterly revenue was down .8% on a year-over-year basis. During the same period last year, the firm posted $0.38 earnings per share. Analysts anticipate that Carpenter Technology Co. will post 3.97 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio (DPR) is presently 30.42%.

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.