Equities Analysts Set Expectations for CRS FY2029 Earnings

Carpenter Technology Corporation (NYSE:CRS) – Zacks Research issued their FY2029 earnings estimates for shares of Carpenter Technology in a research note issued on Thursday, August 20th. Zacks Research analyst Team expects that the basic materials company will post earnings of $18.31 per share for the year. Zacks Research currently has a “Strong-Buy” rating on the stock. The consensus estimate for Carpenter Technology’s current full-year earnings is $13.08 per share.

Several other equities analysts have also weighed in on the company. Wall Street Zen lowered Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Susquehanna dropped their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company boosted their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Finally, KeyCorp reduced their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $577.25.

Carpenter Technology Trading Up 1.6%

Shares of Carpenter Technology stock opened at $484.57 on Monday. The firm has a 50-day simple moving average of $563.64 and a two-hundred day simple moving average of $471.76. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. Carpenter Technology has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a market cap of $24.02 billion, a P/E ratio of 46.06, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.21 earnings per share.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 7.60%.

Insider Activity at Carpenter Technology

In other news, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction dated 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 directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.90% of the stock is owned by company insiders.

Institutional Trading of Carpenter Technology

A number of hedge funds have recently bought and sold shares of CRS. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Carpenter Technology in the 2nd quarter worth approximately $7,699,000. California State Teachers Retirement System grew its position in shares of Carpenter Technology by 58,677.5% in the second quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company’s stock valued at $20,906,110,000 after purchasing an additional 33,834,612 shares in the last quarter. Wedmont Private Capital acquired a new stake in shares of Carpenter Technology in the second quarter valued at approximately $297,000. HB Wealth Management LLC increased its holdings in shares of Carpenter Technology by 67.9% in the second quarter. HB Wealth Management LLC now owns 3,278 shares of the basic materials company’s stock valued at $2,022,000 after purchasing an additional 1,326 shares during the last quarter. Finally, AlphaGrep UK Ltd purchased a new position in Carpenter Technology during the second quarter worth approximately $356,000. 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.