Benchmark Forecasts Strong Price Appreciation for Carpenter Technology (NYSE:CRS) Stock

Carpenter Technology (NYSE:CRS - Free Report) had its price objective boosted by Benchmark from $250.00 to $300.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a buy rating on the basic materials company's stock.

CRS has been the subject of a number of other reports. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $201.60.

Carpenter Technology Stock Up 1.5%

CRS traded up $3.65 during mid-day trading on Monday, reaching $248.74. 872,287 shares of the stock were exchanged, compared to its average volume of 778,995. Carpenter Technology has a 1 year low of $95.17 and a 1 year high of $256.52. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The stock has a market capitalization of $12.38 billion, a PE ratio of 46.93, a price-to-earnings-growth ratio of 0.93 and a beta of 1.37. The company has a 50 day moving average price of $208.53 and a two-hundred day moving average price of $195.42.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 earnings per share. As a group, research analysts anticipate that Carpenter Technology will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is 11.33%.

Carpenter Technology announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.90% of the company's stock.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors have recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in shares of Carpenter Technology during the 4th quarter valued at $25,000. Rise Advisors LLC purchased a new position in Carpenter Technology during the 1st quarter valued at about $31,000. IMA Advisory Services Inc. bought a new stake in shares of Carpenter Technology during the first quarter valued at about $36,000. Bessemer Group Inc. increased its position in shares of Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares during the period. Finally, Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.