Carpenter Technology (NYSE:CRS) Price Target Increased to $116.00 by Analysts at TD Cowen

Carpenter Technology (NYSE:CRS) had its target price upped by TD Cowen from $90.00 to $116.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

Carpenter Technology Stock Up 3.7 %

CRS stock traded up $3.74 during midday trading on Thursday, hitting $103.64. The company’s stock had a trading volume of 892,810 shares, compared to its average volume of 700,732. The company’s fifty day moving average price is $74.07 and its 200 day moving average price is $69.06. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.26. Carpenter Technology has a twelve month low of $44.40 and a twelve month high of $104.85. The stock has a market capitalization of $5.14 billion, a P/E ratio of 39.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, beating the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same quarter in the prior year, the firm posted $0.38 EPS. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, equities research analysts predict that Carpenter Technology will post 3.97 EPS for the current year.

Carpenter Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.77%. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, April 22nd. Carpenter Technology’s payout ratio is 30.42%.

Hedge Funds Weigh In On Carpenter Technology

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

About Carpenter Technology

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.