Carpenter Technology Corporation (NYSE:CRS) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Carpenter Technology Corporation (NYSE:CRS) have been assigned a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $577.25.

Several brokerages have recently commented on CRS. Susquehanna lowered their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. JPMorgan Chase & Co. cut their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Wells Fargo & Company upped their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Finally, BTIG Research increased their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st.

Carpenter Technology Stock Down 1.2%

Shares of NYSE:CRS opened at $406.91 on Friday. The business’s 50 day moving average is $516.52 and its 200 day moving average is $481.03. Carpenter Technology has a 12-month low of $228.00 and a 12-month high of $625.98. The stock has a market cap of $20.17 billion, a price-to-earnings ratio of 38.68, a PEG ratio of 1.46 and a beta of 1.26. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.Carpenter Technology’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.21 EPS. On average, sell-side analysts forecast that Carpenter Technology will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Insider Activity at Carpenter Technology

In related news, CEO Tony Thene sold 57,456 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently made changes to their positions in the business. Keating Financial Advisory Services Inc. bought a new position in Carpenter Technology during the second quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Carpenter Technology in the first quarter valued at about $30,000. SJS Investment Consulting Inc. grew its position in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares during the period. Persistent Asset Partners Ltd bought a new position in shares of Carpenter Technology during the 2nd quarter valued at approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $56,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.