Carpenter Technology (NYSE:CRS) Reaches New 1-Year High – Here’s Why

Shares of Carpenter Technology Corporation (NYSE:CRS) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $344.99 and last traded at $341.4410, with a volume of 104773 shares traded. The stock had previously closed at $338.34.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRS shares. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the stock a “buy” rating in a report on Friday, October 24th. Jones Trading began coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price for the company. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective on the stock in a research note on Thursday, November 13th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Finally, BTIG Research lifted their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $371.14.

Carpenter Technology Trading Up 0.2%

The company has a market capitalization of $16.90 billion, a price-to-earnings ratio of 41.50, a P/E/G ratio of 1.41 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The business’s 50-day simple moving average is $319.75 and its 200-day simple moving average is $278.55.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. The company had revenue of $733.70 million for the quarter, compared to analyst estimates of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.73 earnings per share. On average, research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Tuesday, October 21st were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is 9.78%.

Insider Activity

In other Carpenter Technology news, COO Brian J. Malloy sold 4,130 shares of Carpenter Technology stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total value of $1,253,537.60. Following the completion of the transaction, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $23,940,140. The trade was a 4.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the sale, the vice president owned 9,594 shares in the company, valued at $3,082,072.50. This represents a 28.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 79,358 shares of company stock valued at $24,254,008 in the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently made changes to their positions in the business. Prudential Financial Inc. raised its holdings in shares of Carpenter Technology by 43.3% in the 2nd quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock valued at $15,500,000 after purchasing an additional 16,954 shares during the period. Schroder Investment Management Group raised its stake in Carpenter Technology by 11.1% in the second quarter. Schroder Investment Management Group now owns 57,625 shares of the basic materials company’s stock valued at $15,926,000 after buying an additional 5,757 shares during the period. Whitaker Myers Wealth Managers LTD. acquired a new stake in shares of Carpenter Technology in the third quarter valued at approximately $797,000. Y Intercept Hong Kong Ltd bought a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $1,460,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Carpenter Technology by 15.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock worth $138,328,000 after acquiring an additional 71,872 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.