Carpenter Technology (NYSE:CRS) Upgraded by Northcoast Research to “Neutral” Rating

Northcoast Research upgraded shares of Carpenter Technology (NYSE:CRS) from a sell rating to a neutral rating in a report released on Wednesday morning, Marketbeat reports.

CRS has been the subject of a number of other reports. BTIG Research set a $230.00 price target on Carpenter Technology in a research note on Friday, January 31st. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $167.17.

Carpenter Technology Trading Down 2.2 %

CRS stock traded down $3.82 during midday trading on Wednesday, reaching $171.21. 389,400 shares of the company traded hands, compared to its average volume of 732,607. The firm has a market capitalization of $8.55 billion, a price-to-earnings ratio of 32.31, a P/E/G ratio of 0.93 and a beta of 1.28. Carpenter Technology has a 52-week low of $74.21 and a 52-week high of $213.66. The business has a 50 day moving average of $186.39 and a 200-day moving average of $180.22. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, sell-side analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. Carpenter Technology’s dividend payout ratio is presently 15.09%.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its holdings in shares of Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock valued at $754,295,000 after purchasing an additional 979,313 shares during the last quarter. SurgoCap Partners LP raised its stake in Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock valued at $244,734,000 after buying an additional 779,357 shares during the last quarter. Norges Bank purchased a new stake in shares of Carpenter Technology during the fourth quarter worth about $100,505,000. Allspring Global Investments Holdings LLC raised its position in shares of Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock valued at $103,714,000 after purchasing an additional 479,985 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company’s stock worth $86,825,000 after buying an additional 476,764 shares during the period. Hedge funds and other 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.