Carpenter Technology Corporation (NYSE:CRS) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Carpenter Technology has a consensus analyst rating of “Moderate Buy”, with 9 buy ratings and 2 hold ratings among 11 covering firms. The average 12-month price target is about $438.78.
• Several analysts recently raised their price targets, including Wells Fargo, BTIG, JPMorgan, and Susquehanna, with targets ranging as high as $495. Wall Street Zen also upgraded the stock from hold to buy.
• The company reported better-than-expected EPS of $2.77 for the latest quarter, but revenue came in below expectations at $655.6 million. The stock was also noted as down 4.9% on the day of the report, while insiders sold shares and institutional ownership remained high at 92.03%.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eleven ratings firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $438.7778.

A number of analysts recently weighed in on CRS shares. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. BTIG Research increased their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Wall Street Zen raised shares of Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. Finally, Susquehanna increased their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a report on Thursday, April 30th.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the transaction, the director owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 34,865 shares of company stock worth $14,196,607. 2.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ion Asset Management Ltd. bought a new position in Carpenter Technology in the 3rd quarter valued at about $4,027,000. American Century Companies Inc. boosted its position in shares of Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company's stock valued at $114,841,000 after purchasing an additional 18,201 shares in the last quarter. Kinetic Partners Management LP boosted its position in shares of Carpenter Technology by 15.5% during the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company's stock valued at $94,901,000 after purchasing an additional 51,800 shares in the last quarter. WCM Investment Management LLC boosted its position in shares of Carpenter Technology by 77.9% during the 3rd quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company's stock valued at $86,261,000 after purchasing an additional 156,554 shares in the last quarter. Finally, Bright Futures Wealth Management LLC. bought a new position in shares of Carpenter Technology during the 3rd quarter valued at about $674,000. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 4.9%

CRS stock opened at $408.56 on Friday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology has a fifty-two week low of $219.58 and a fifty-two week high of $475.69. The firm's 50-day simple moving average is $410.86 and its 200 day simple moving average is $362.24. The stock has a market cap of $20.30 billion, a PE ratio of 43.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. During the same quarter last year, the company earned $1.88 EPS. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Carpenter Technology will post 10.43 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is 8.42%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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