Carpenter Technology (NYSE:CRS) Hits New 52-Week High at $151.50

Carpenter Technology Co. (NYSE:CRS)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $151.50 and last traded at $150.31, with a volume of 381213 shares. The stock had previously closed at $143.31.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRS. Benchmark boosted their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, July 26th. TD Cowen boosted their price target on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Northcoast Research reaffirmed a “sell” rating and set a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Deutsche Bank Aktiengesellschaft assumed coverage on Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. Finally, BTIG Research raised their price target on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus target price of $139.60.

Carpenter Technology Stock Performance

The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 54.70, a P/E/G ratio of 0.77 and a beta of 1.45. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. The firm has a fifty day simple moving average of $135.25 and a 200-day simple moving average of $106.45.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.31. The business had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.78 earnings per share. Analysts forecast that Carpenter Technology Co. will post 6.06 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 27th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Tuesday, August 27th. Carpenter Technology’s dividend payout ratio (DPR) is 30.42%.

Institutional Trading of Carpenter Technology

A number of institutional investors have recently bought and sold shares of CRS. Wolf Hill Capital Management LP bought a new position in shares of Carpenter Technology in the 2nd quarter worth $73,850,000. Bayberry Capital Partners LP acquired a new position in Carpenter Technology in the first quarter valued at about $35,887,000. American Century Companies Inc. boosted its holdings in Carpenter Technology by 129.5% during the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock worth $93,044,000 after buying an additional 479,047 shares during the last quarter. Hawk Ridge Capital Management LP increased its stake in shares of Carpenter Technology by 199.1% in the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after acquiring an additional 458,227 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after acquiring an additional 438,781 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Carpenter Technology

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.