Carpenter Technology Co. (NYSE:CRS) Receives Average Rating of "Moderate Buy" from Brokerages

Carpenter Technology Co. (NYSE:CRS - Get Free Report) has been given an average recommendation of "Moderate Buy" by the six research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $229.75.

Several brokerages have commented on CRS. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a report on Thursday. Benchmark boosted their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently made changes to their positions in the company. Strs Ohio acquired a new position in Carpenter Technology in the 1st quarter valued at $1,196,000. Focus Partners Wealth raised its stake in Carpenter Technology by 7.3% in the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock worth $836,000 after purchasing an additional 314 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after purchasing an additional 1,701 shares during the period. Legacy Advisory Services LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth approximately $219,000. Finally, Woodline Partners LP bought a new position in shares of Carpenter Technology during the first quarter worth approximately $4,050,000. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Trading Up 0.6%

Carpenter Technology stock traded up $1.45 during trading hours on Monday, reaching $250.17. 155,111 shares of the company's stock traded hands, compared to its average volume of 777,677. The firm has a market capitalization of $12.45 billion, a price-to-earnings ratio of 47.20, a PEG ratio of 0.93 and a beta of 1.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology has a fifty-two week low of $95.17 and a fifty-two week high of $256.52. The firm's 50 day moving average is $212.39 and its 200-day moving average is $196.17.

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

Carpenter Technology declared that its Board of Directors has authorized a share buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Carpenter Technology Announces Dividend

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

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.

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