Carpenter Technology Corporation (NYSE:CRS) Stock Has Consensus Price Target of $526.88

Shares of Carpenter Technology Corporation (NYSE:CRS) have earned a consensus rating of “Moderate Buy” from the ten ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $504.38.

A number of equities analysts have weighed in on CRS shares. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Monday, August 31st. Susquehanna dropped their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. JPMorgan Chase & Co. cut their target price on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th.

Insider Buying and Selling

In related news, Director Steven Karol sold 3,275 shares of the firm’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the sale, the director directly owned 177,000 shares in the company, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director directly owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 112,996 shares of company stock worth $54,644,436. Insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Several hedge funds have recently made changes to their positions in the company. Keating Financial Advisory Services Inc. purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Carpenter Technology in the first quarter worth approximately $30,000. SJS Investment Consulting Inc. grew its position in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Carpenter Technology during the second quarter worth $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Carpenter Technology during the second quarter worth $56,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Down 0.9%

Shares of Carpenter Technology stock opened at $377.05 on Tuesday. The stock has a market cap of $18.69 billion, a P/E ratio of 35.84, a P/E/G ratio of 1.33 and a beta of 1.29. The stock’s 50 day simple moving average is $443.30 and its 200-day simple moving average is $480.55. Carpenter Technology has a 1-year low of $233.77 and a 1-year high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%. The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period in the prior year, the business earned $2.21 earnings per share. The business’s revenue was up 12.6% compared to the same quarter last year. Analysts predict that Carpenter Technology will post 13.27 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Tuesday, October 20th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 7.60%.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.