Carpenter Technology (NYSE:CRS) Reaches New 52-Week High on Analyst Upgrade

Carpenter Technology Co. (NYSE:CRS)’s share price hit a new 52-week high during trading on Wednesday after Benchmark raised their price target on the stock from $100.00 to $140.00. Benchmark currently has a buy rating on the stock. Carpenter Technology traded as high as $106.71 and last traded at $105.75, with a volume of 309072 shares. The stock had previously closed at $102.54.

Several other equities analysts have also recently weighed in on CRS. Northcoast Research reaffirmed a “neutral” rating on shares of Carpenter Technology in a research note on Monday. TD Cowen lifted their price target on shares of Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $109.67.

Insider Activity

In related news, Director Steven E. Karol sold 31,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the transaction, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the sale, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in Carpenter Technology during the 3rd quarter worth approximately $284,000. Raymond James Financial Services Advisors Inc. bought a new position in Carpenter Technology during the 3rd quarter worth $202,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Carpenter Technology by 16.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,184 shares of the basic materials company’s stock worth $550,000 after buying an additional 1,174 shares during the period. Strs Ohio grew its position in shares of Carpenter Technology by 400.0% in the 3rd quarter. Strs Ohio now owns 2,500 shares of the basic materials company’s stock valued at $168,000 after buying an additional 2,000 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Carpenter Technology by 8.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,155 shares of the basic materials company’s stock valued at $23,601,000 after buying an additional 28,605 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Stock Up 1.0 %

The company has a market capitalization of $5.14 billion, a P/E ratio of 39.65 and a beta of 1.47. The stock has a 50-day moving average price of $75.58 and a 200-day moving average price of $69.67. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. The company had revenue of $684.90 million for the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The company’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 EPS. On average, research analysts predict that Carpenter Technology Co. will post 3.97 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be given a $0.20 dividend. The ex-dividend date is Monday, April 22nd. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 0.77%. Carpenter Technology’s dividend payout ratio (DPR) is 30.42%.

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.