Carpenter Technology (NYSE:CRS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Carpenter Technology (NYSE:CRS) from a hold rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

CRS has been the topic of several other reports. KeyCorp lowered their price target on shares of Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Wells Fargo & Company cut their price objective on shares of Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating for the company in a report on Wednesday, September 30th. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Susquehanna reissued a “positive” rating and issued a $450.00 target price on shares of Carpenter Technology in a research note on Friday. Finally, BTIG Research lowered their target price on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a report on Friday. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $476.43.

Carpenter Technology Trading Up 2.1%

Shares of Carpenter Technology stock opened at $290.51 on Friday. The company has a current ratio of 3.94, a quick ratio of 2.05 and a debt-to-equity ratio of 0.32. Carpenter Technology has a twelve month low of $275.60 and a twelve month high of $625.98. The firm has a market capitalization of $14.40 billion, a PE ratio of 25.62, a P/E/G ratio of 0.99 and a beta of 1.29. The firm’s 50-day moving average price is $419.35 and its 200 day moving average price is $443.26.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.21. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. The company had revenue of $634.80 million for the quarter, compared to analysts’ expectations of $830.85 million. During the same quarter in the previous year, the company posted $2.43 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts predict that Carpenter Technology will post 13.35 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Transactions at Carpenter Technology

In other news, Director Steven E. Karol sold 3,275 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the sale, the director owned 177,000 shares of the company’s stock, valued at $83,912,160. This represents a 1.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,996 shares of company stock worth $54,644,436 in the last quarter. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

A number of hedge funds have recently modified their holdings of the business. Wealthcare Advisory Partners LLC boosted its stake in shares of Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after acquiring an additional 19 shares during the period. Essential Partners LLC raised its position in shares of Carpenter Technology by 9.9% during the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock valued at $149,000 after buying an additional 34 shares during the last quarter. SJS Investment Consulting Inc. raised its position in shares of 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 buying an additional 36 shares during the last quarter. TrueWealth Advisors LLC raised its position in shares of Carpenter Technology by 1.3% during the second quarter. TrueWealth Advisors LLC now owns 2,789 shares of the basic materials company’s stock valued at $1,720,000 after buying an additional 36 shares during the last quarter. Finally, Mezzasalma Advisors LLC lifted its holdings in shares of Carpenter Technology by 0.3% in the third quarter. Mezzasalma Advisors LLC now owns 14,518 shares of the basic materials company’s stock worth $5,645,000 after buying an additional 37 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.