Carpenter Technology (NYSE:CRS) Given “Neutral” Rating at Northcoast Research

Northcoast Research restated their neutral rating on shares of Carpenter Technology (NYSE:CRS) in a report published on Monday, Marketbeat.com reports.

Separately, TD Cowen upped their target price on shares of Carpenter Technology from $90.00 to $116.00 and gave the stock a buy rating in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $109.67.

Carpenter Technology Trading Up 1.0 %

NYSE CRS opened at $103.53 on Monday. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. Carpenter Technology has a 52 week low of $44.40 and a 52 week high of $106.71. The business has a 50 day moving average price of $76.35 and a 200-day moving average price of $69.91. The company has a market cap of $5.14 billion, a price-to-earnings ratio of 39.37 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same quarter in the previous year, the business posted $0.38 EPS. Carpenter Technology’s quarterly revenue was down .8% on a year-over-year basis. As a group, equities analysts expect that Carpenter Technology will post 3.97 earnings per share for the current fiscal year.

Carpenter Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.77%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Insider Buying and Selling

In other Carpenter Technology news, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the sale, the vice president now owns 11,509 shares in the company, valued at approximately $1,175,183.99. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the transaction, the vice president now owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRS. ProShare Advisors LLC increased its stake in shares of Carpenter Technology by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 9,878 shares of the basic materials company’s stock worth $705,000 after purchasing an additional 679 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Carpenter Technology during the first quarter valued at $4,199,000. Swiss National Bank increased its position in Carpenter Technology by 1.1% in the first quarter. Swiss National Bank now owns 97,300 shares of the basic materials company’s stock worth $6,949,000 after buying an additional 1,100 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Carpenter Technology by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 43,245 shares of the basic materials company’s stock valued at $3,089,000 after buying an additional 652 shares during the period. Finally, Whittier Trust Co. purchased a new position in shares of Carpenter Technology during the 1st quarter valued at $30,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.