Carpenter Technology (NYSE:CRS) Sets New 12-Month High – Should You Buy?

Carpenter Technology Corporation (NYSE:CRS)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $608.52 and last traded at $605.1530, with a volume of 844026 shares changing hands. The stock had previously closed at $591.78.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRS. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. KeyCorp boosted their target price on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a report on Tuesday. TD Cowen boosted their target price on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Finally, Susquehanna raised their price target on Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $481.75.

Carpenter Technology Price Performance

The company has a market cap of $30.31 billion, a price-to-earnings ratio of 64.17, a PEG ratio of 2.09 and a beta of 1.25. The company has a 50-day simple moving average of $485.76 and a 200-day simple moving average of $407.52. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter last year, the firm posted $1.88 EPS. The business’s revenue was up 11.6% compared to the same quarter last year. As a group, research analysts predict that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology’s payout ratio is currently 8.42%.

Insiders Place Their Bets

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director owned 750 shares of the company’s stock, valued at approximately $317,895. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently bought and sold shares of CRS. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology during the 2nd quarter worth about $28,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Carpenter Technology during the 1st quarter worth about $30,000. SJS Investment Consulting Inc. boosted its stake 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 worth $32,000 after purchasing an additional 36 shares during the last quarter. Armstrong Advisory Group Inc. grew its holdings in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after buying an additional 43 shares in the last quarter. Finally, Spire Wealth Management grew its holdings in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.