Carpenter Technology (NYSE:CRS) Sets New 52-Week High – Here’s Why

Shares of Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $624.97 and last traded at $619.5970, with a volume of 394114 shares traded. The stock had previously closed at $597.24.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Susquehanna upped their target price on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Wells Fargo & Company boosted their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. BTIG Research upped their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. TD Cowen increased their price objective on Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Finally, 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 report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $481.75.

Carpenter Technology Stock Performance

The stock has a market cap of $30.74 billion, a P/E ratio of 65.13, a price-to-earnings-growth ratio of 1.75 and a beta of 1.22. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $495.57 and a 200 day simple moving average of $413.42.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The firm had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.88 EPS. On average, equities analysts expect 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 given 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 dividend payout ratio is currently 8.42%.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director directly owned 750 shares of the company’s stock, valued at $317,895. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction that occurred on 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 owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Several large investors have recently bought and sold shares of CRS. Woodline Partners LP bought a new position in shares of Carpenter Technology in the first quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Carpenter Technology by 1.7% during the 1st 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 valued at $18,985,000 after purchasing an additional 1,701 shares during the last quarter. Focus Partners Wealth increased its position in Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after purchasing an additional 314 shares in the last quarter. Quantbot Technologies LP bought a new position in Carpenter Technology in the 2nd quarter valued at approximately $80,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Carpenter Technology in the 2nd quarter valued at approximately $533,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.