Carpenter Technology (NYSE:CRS) Trading Up 3.4% – What’s Next?

Carpenter Technology Co. (NYSE:CRS)’s stock price shot up 3.4% during trading on Wednesday . The stock traded as high as $161.70 and last traded at $161.21. 142,168 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 579,560 shares. The stock had previously closed at $155.91.

Analyst Upgrades and Downgrades

Several research firms have commented on CRS. BTIG Research boosted their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Benchmark reiterated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research note on Friday. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $139.60.

Carpenter Technology Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84. The stock has a market cap of $7.71 billion, a price-to-earnings ratio of 57.95, a P/E/G ratio of 0.83 and a beta of 1.45. The business’s 50 day moving average is $150.10 and its 200 day moving average is $122.67.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.16. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same quarter in the prior year, the firm posted $0.88 earnings per share. Carpenter Technology’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, equities analysts expect that Carpenter Technology Co. will post 6.63 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a yield of 0.51%. Carpenter Technology’s dividend payout ratio is presently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently made changes to their positions in CRS. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Carpenter Technology by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after buying an additional 215 shares during the last quarter. Wealthstar Advisors LLC raised its holdings in shares of Carpenter Technology by 22.3% in the first quarter. Wealthstar Advisors LLC now owns 5,231 shares of the basic materials company’s stock valued at $374,000 after buying an additional 954 shares during the last quarter. New Century Financial Group LLC raised its holdings in shares of Carpenter Technology by 30.3% in the first quarter. New Century Financial Group LLC now owns 16,737 shares of the basic materials company’s stock valued at $1,195,000 after buying an additional 3,895 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Carpenter Technology by 40.8% in the first quarter. Commonwealth Equity Services LLC now owns 10,752 shares of the basic materials company’s stock valued at $768,000 after buying an additional 3,113 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Carpenter Technology by 68.7% in the first quarter. BNP Paribas Financial Markets now owns 25,730 shares of the basic materials company’s stock valued at $1,838,000 after buying an additional 10,477 shares during 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.