Carpenter Technology (NYSE:CRS) Trading Up 7.3% – What’s Next?

Carpenter Technology Corporation (NYSE:CRS)’s stock price traded up 7.3% on Tuesday . The stock traded as high as $338.88 and last traded at $334.1150. 141,743 shares changed hands during trading, a decline of 84% from the average session volume of 892,451 shares. The stock had previously closed at $311.33.

Wall Street Analysts Forecast Growth

CRS has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on shares of Carpenter Technology and gave the company a “buy” rating in a research report on Friday, October 24th. TD Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Jones Trading began coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price target for the company. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective for the company in a report on Thursday, November 13th. Finally, Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $373.43.

Carpenter Technology Stock Performance

The business’s 50 day simple moving average is $325.15 and its two-hundred day simple moving average is $287.76. The firm has a market capitalization of $17.34 billion, a PE ratio of 40.44, a price-to-earnings-growth ratio of 1.34 and a beta of 1.30. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.20 by $0.13. The company had revenue of $589.10 million during the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.Carpenter Technology’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.66 earnings per share. Research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is currently 9.29%.

Insider Buying and Selling at Carpenter Technology

In other news, COO Brian J. Malloy sold 43,688 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the completion of the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at $24,013,493.75. The trade was a 35.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the transaction, the vice president directly owned 9,594 shares in the company, valued at approximately $3,082,072.50. This represents a 28.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 79,358 shares of company stock worth $24,254,008 in the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Woodline Partners LP bought a new stake in Carpenter Technology during the 1st quarter worth approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Carpenter Technology by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after purchasing an additional 1,701 shares in the last quarter. Focus Partners Wealth raised its position in shares of Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 314 shares during the period. SteelPeak Wealth LLC lifted its stake in shares of Carpenter Technology by 36.9% during the 2nd quarter. SteelPeak Wealth LLC now owns 7,664 shares of the basic materials company’s stock valued at $2,118,000 after buying an additional 2,065 shares in the last quarter. Finally, KLP Kapitalforvaltning AS boosted its holdings in Carpenter Technology by 7.3% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,300 shares of the basic materials company’s stock worth $2,847,000 after buying an additional 700 shares during the period. 92.03% of the stock is currently owned by 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.