Benchmark Reiterates “Buy” Rating for Carpenter Technology (NYSE:CRS)

Benchmark restated their buy rating on shares of Carpenter Technology (NYSE:CRS) in a report released on Friday, Benzinga reports. They currently have a $175.00 price objective on the basic materials company’s stock.

Separately, BTIG Research boosted their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Stock Performance

Shares of CRS opened at $155.47 on Friday. The company has a market capitalization of $7.71 billion, a PE ratio of 59.11, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84. Carpenter Technology has a one year low of $58.87 and a one year high of $166.51. The company’s fifty day moving average price is $150.28 and its 200 day moving average price is $123.82.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.15. The business had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. As a group, analysts expect that Carpenter Technology will post 6.63 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a yield of 0.51%. Carpenter Technology’s dividend payout ratio (DPR) is currently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Wolf Hill Capital Management LP acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $73,850,000. Bayberry Capital Partners LP acquired a new stake in Carpenter Technology during the first quarter valued at approximately $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 valued at $93,044,000 after purchasing an additional 479,047 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of 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 valued at $34,053,000 after purchasing an additional 200,364 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $13,248,000. Institutional investors 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.