Carpenter Technology Co. (NYSE:CRS) Given Average Recommendation of "Moderate Buy" by Brokerages

Carpenter Technology Co. (NYSE:CRS - Get Free Report) has been given an average rating of "Moderate Buy" by the six research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $168.00.

Several research analysts have recently commented on CRS shares. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Finally, BTIG Research set a $230.00 price target on Carpenter Technology in a report on Friday, January 31st.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now directly owns 6,732 shares of the company's stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRS. Egerton Capital UK LLP acquired a new position in Carpenter Technology in the 1st quarter valued at $329,727,000. FMR LLC raised 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 worth $754,295,000 after buying an additional 979,313 shares in the last quarter. SurgoCap Partners LP raised its holdings in shares of Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after buying an additional 779,357 shares in the last quarter. Norges Bank acquired a new position in shares of Carpenter Technology during the 4th quarter worth $100,505,000. Finally, Invesco Ltd. raised its holdings in shares of Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after buying an additional 570,441 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Shares of NYSE CRS traded down $4.79 during midday trading on Friday, hitting $230.36. 673,480 shares of the company's stock were exchanged, compared to its average volume of 759,726. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. Carpenter Technology has a 12 month low of $95.17 and a 12 month high of $236.59. The company's 50 day moving average price is $191.35 and its 200 day moving average price is $188.80. The firm has a market capitalization of $11.47 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

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

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.35%. Carpenter Technology's payout ratio is currently 11.33%.

Carpenter Technology declared that its Board of Directors has authorized a stock buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

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.