Carpenter Technology Corporation (NYSE:CRS) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) has received a consensus rating of "Moderate Buy" from the six brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $244.75.

A number of analysts have recently issued reports on the stock. Benchmark raised their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, Cowen reiterated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th.

Carpenter Technology Trading Down 1.0%

Carpenter Technology stock traded down $2.48 during trading on Monday, reaching $250.59. 562,806 shares of the company were exchanged, compared to its average volume of 778,127. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. The stock's 50 day simple moving average is $217.51 and its two-hundred day simple moving average is $197.32. The company has a market capitalization of $12.47 billion, a P/E ratio of 35.40, a PEG ratio of 1.05 and a beta of 1.37. Carpenter Technology has a 52-week low of $95.70 and a 52-week high of $256.52.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter in the previous year, the company posted $1.19 EPS. The company's revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Carpenter Technology announced that its Board of Directors has initiated a share repurchase 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 buy up to 4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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 dated 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRS. Voya Investment Management LLC increased its position in shares of Carpenter Technology by 24.5% during the first quarter. Voya Investment Management LLC now owns 403,132 shares of the basic materials company's stock worth $73,039,000 after acquiring an additional 79,301 shares during the period. Strs Ohio acquired a new position in Carpenter Technology during the 1st quarter worth $1,196,000. Focus Partners Wealth grew its stake in Carpenter Technology by 7.3% during 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 increased its holdings in Carpenter Technology by 1.7% during 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 worth $18,985,000 after purchasing an additional 1,701 shares during the period. Finally, Legacy Advisory Services LLC acquired a new stake in Carpenter Technology in the 1st quarter valued at about $219,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.