Carpenter Technology Co. (NYSE:CRS) Receives $139.60 Consensus Target Price from Brokerages

Carpenter Technology Co. (NYSE:CRS) has earned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $153.00.

Several analysts recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Carpenter Technology in a research note on Friday, November 22nd. They issued an “overweight” rating and a $220.00 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a research report on Friday, October 25th. Finally, BTIG Research lifted their price objective on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th.

Institutional Trading of Carpenter Technology

A number of hedge funds have recently made changes to their positions in CRS. FMR LLC boosted its position in shares of Carpenter Technology by 47.1% in the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after purchasing an additional 1,108,963 shares in the last quarter. Wolf Hill Capital Management LP purchased a new position in Carpenter Technology in the 2nd quarter worth approximately $73,850,000. Bayberry Capital Partners LP purchased a new position in Carpenter Technology in the 1st quarter worth approximately $35,887,000. American Century Companies Inc. raised its holdings in Carpenter Technology by 129.5% in the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock worth $93,044,000 after acquiring an additional 479,047 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Carpenter Technology by 1,538.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock worth $34,053,000 after acquiring an additional 200,364 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Up 0.5 %

NYSE CRS opened at $196.14 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The stock has a market capitalization of $9.78 billion, a PE ratio of 43.68, a PEG ratio of 0.97 and a beta of 1.46. Carpenter Technology has a 1 year low of $58.87 and a 1 year high of $198.24. The business’s 50-day moving average is $163.94 and its 200 day moving average is $136.46.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.15. The company had revenue of $717.60 million for the quarter, compared to analysts’ expectations of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. Carpenter Technology’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. Sell-side analysts forecast that Carpenter Technology will post 6.61 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology’s dividend payout ratio is currently 17.82%.

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.