Carpenter Technology Co. (NYSE:CRS) Receives $153.00 Average PT from Brokerages

Carpenter Technology Co. (NYSE:CRS) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $153.00.

Several brokerages recently weighed in on CRS. 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. JPMorgan Chase & Co. initiated coverage on shares of Carpenter Technology in a research note on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price objective for the company.

Carpenter Technology Price Performance

Shares of CRS opened at $169.59 on Tuesday. The business’s 50-day moving average is $173.91 and its 200-day moving average is $145.56. Carpenter Technology has a fifty-two week low of $58.87 and a fifty-two week high of $198.24. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of 37.77, a P/E/G ratio of 0.90 and a beta of 1.52. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same period in the prior year, the business posted $0.88 earnings per share. Carpenter Technology’s revenue for the quarter was up 10.1% compared to the same quarter last year. Equities research analysts expect that Carpenter Technology will post 6.74 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 17.82%.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC acquired a new stake in Carpenter Technology in the second quarter worth $237,000. Shelton Wealth Management LLC acquired a new stake in Carpenter Technology in the second quarter valued at about $1,110,000. Louisiana State Employees Retirement System increased its position in Carpenter Technology by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 25,000 shares of the basic materials company’s stock valued at $2,740,000 after acquiring an additional 500 shares during the period. Dearborn Partners LLC acquired a new stake in Carpenter Technology during the 2nd quarter worth about $323,000. Finally, Legato Capital Management LLC bought a new position in shares of Carpenter Technology in the second quarter valued at approximately $467,000. 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.