Carpenter Technology (NYSE:CRS) Stock Gets Price Target Cut from TD Cowen

Carpenter Technology (NYSE:CRS) had its price objective reduced by TD Cowen from $650.00 to $500.00 in a report published on Friday morning,Benzinga reports. TD Cowen currently has a buy rating on the basic materials company’s stock.

CRS has been the topic of several other reports. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. KeyCorp cut their price target on Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating for the company in a report on Thursday. Susquehanna reduced their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Wells Fargo & Company reduced their price target on Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Monday, August 31st. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $526.88.

Carpenter Technology Trading Up 0.2%

Shares of CRS stock opened at $386.55 on Friday. Carpenter Technology has a 1 year low of $233.77 and a 1 year high of $625.98. The firm has a fifty day moving average price of $461.66 and a 200-day moving average price of $481.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company has a market cap of $19.16 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 1.36 and a beta of 1.29.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%. Carpenter Technology’s revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.21 EPS. As a group, equities analysts predict that Carpenter Technology will post 13.28 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the sale, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,996 shares of company stock worth $54,644,436 over the last three months. 2.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Carpenter Technology during the second quarter worth about $3,834,623,000. SurgoCap Partners LP bought a new stake in Carpenter Technology during the 2nd quarter valued at approximately $423,444,000. Jennison Associates LLC bought a new stake in Carpenter Technology during the 1st quarter valued at approximately $317,411,000. Wellington Management Group LLP raised its stake in Carpenter Technology by 82.2% during the 2nd quarter. Wellington Management Group LLP now owns 506,167 shares of the basic materials company’s stock valued at $312,224,000 after purchasing an additional 228,290 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Carpenter Technology during the 2nd quarter valued at approximately $231,252,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology News Roundup

Here are the key news stories impacting Carpenter Technology this week:

• Positive Sentiment: Zacks upgraded CRS to a Buy: The upgrade reflects growing optimism about Carpenter Technology’s earnings prospects and could support the stock if improving fundamentals materialize. What Makes Carpenter CRS a New Buy Stock
• Positive Sentiment: TD Cowen maintained a Buy rating: Although it lowered its price target from $650 to $500, the revised target still implies substantial upside from the recently cited share price, signaling continued confidence in CRS’s long-term prospects. TD Cowen price target update
• Neutral Sentiment: Quarterly dividend maintained: Carpenter Technology declared a $0.20-per-share dividend payable December 3, 2026, to shareholders of record October 20. The annualized payout is $0.80 per share, but the approximately 0.2% yield is unlikely to be a major stock catalyst. Carpenter Technology Declares Quarterly Cash Dividend
• Negative Sentiment: Additional analyst target cut: KeyBanc lowered its price target for CRS to $465, reinforcing concerns about near-term valuation or industry conditions despite the stock’s longer-term support from Buy ratings. KeyBanc cuts target for Carpenter Technology

Carpenter Technology Company Profile

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.