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

Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $395.83 and last traded at $395.6870, with a volume of 272673 shares traded. The stock had previously closed at $383.98.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRS. KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective on the stock in a report on Thursday, November 13th. TD Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $373.43.

Carpenter Technology Price Performance

The stock has a market capitalization of $19.40 billion, a PE ratio of 45.37, a P/E/G ratio of 1.47 and a beta of 1.30. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The stock’s 50-day moving average is $337.98 and its 200 day moving average is $295.11.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same quarter last year, the business posted $1.66 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 9.29%.

Insider Activity at Carpenter Technology

In related news, COO Brian J. Malloy sold 4,130 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total value of $1,253,537.60. Following the transaction, the chief operating officer owned 78,875 shares in the company, valued at approximately $23,940,140. This represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This represents a 28.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Carpenter Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology during the second quarter valued at approximately $28,000. Armstrong Advisory Group Inc. raised its holdings in Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Root Financial Partners LLC acquired a new position in Carpenter Technology during the 3rd quarter worth $41,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Carpenter Technology by 54.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares during the period. Finally, Spire Wealth Management grew its position in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the last quarter. Institutional investors and hedge funds 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.