Carpenter Technology (NYSE:CRS) Reaches New 12-Month High – Here’s What Happened

Carpenter Technology Corporation (NYSE:CRS) reached a new 52-week high on Wednesday . The company traded as high as $461.01 and last traded at $455.1830, with a volume of 79411 shares changing hands. The stock had previously closed at $444.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. TD Cowen boosted their target price on Carpenter Technology from $430.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Friday, April 24th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. BTIG Research boosted their target price on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $438.78.

Carpenter Technology Trading Up 2.8%

The firm has a 50 day simple moving average of $405.47 and a 200 day simple moving average of $353.27. 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 firm has a market capitalization of $22.73 billion, a PE ratio of 48.14, a P/E/G ratio of 1.60 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. The business had revenue of $655.60 million for 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 last year, the business posted $1.88 EPS. Equities analysts expect that Carpenter Technology Corporation will post 10.43 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the sale, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 22,300 shares of company stock worth $8,664,044. 2.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology during the second quarter valued at about $28,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Carpenter Technology during the first quarter valued at about $30,000. SJS Investment Consulting Inc. raised its holdings in Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares during the period. Armstrong Advisory Group Inc. raised its holdings in Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 43 shares during the period. Finally, Root Financial Partners LLC bought a new stake in Carpenter Technology during the third quarter valued at about $41,000. 92.03% of the stock is owned by institutional investors.

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.