Carpenter Technology (NYSE:CRS) Stock Price Up 7.7% – Should You Buy?

Carpenter Technology Corporation (NYSE:CRS)’s share price was up 7.7% during trading on Thursday. The company traded as high as $298.72 and last traded at $301.6670. 174,583 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 794,971 shares. The stock had previously closed at $280.00.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CRS shares. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Susquehanna reissued a “positive” rating and issued a $450.00 price target on shares of Carpenter Technology in a report on Friday, October 23rd. KeyCorp cut Carpenter Technology from an “overweight” rating to a “sector weight” rating in a report on Monday. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $476.43.

Carpenter Technology Stock Performance

The firm has a 50 day moving average of $409.27 and a 200-day moving average of $442.79. The stock has a market capitalization of $15.10 billion, a PE ratio of 26.85, a P/E/G ratio of 0.99 and a beta of 1.29. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.05 and a current ratio of 3.94.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.21. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. The firm had revenue of $634.80 million during the quarter, compared to analyst estimates of $830.85 million. During the same period last year, the company posted $2.43 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts forecast that Carpenter Technology Corporation will post 13.34 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 20th. Carpenter Technology’s dividend payout ratio is 7.05%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Carpenter Technology during the third quarter worth $37,836,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Carpenter Technology during the third quarter valued at $190,000. Vise Technologies Inc. grew its stake in Carpenter Technology by 12.8% in the third quarter. Vise Technologies Inc. now owns 2,224 shares of the basic materials company’s stock valued at $865,000 after purchasing an additional 253 shares in the last quarter. State of Wyoming grew its stake in Carpenter Technology by 5.4% in the third quarter. State of Wyoming now owns 1,550 shares of the basic materials company’s stock valued at $603,000 after purchasing an additional 79 shares in the last quarter. Finally, D.A. Davidson & CO. purchased a new position in Carpenter Technology in the third quarter valued at about $831,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Carpenter Technology

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

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.