Carpenter Technology Corporation (NYSE:CRS) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Carpenter Technology Corporation has received a consensus recommendation of "Moderate Buy" from six research firms, with a target price of $278.33.
• Despite beating earnings estimates with an EPS of $2.21, the company reported a 5.4% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.20, representing a 0.3% annual yield and a payout ratio of 10.78%.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) has received an average recommendation of "Moderate Buy" from the six research firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $278.3333.

CRS has been the topic of several recent research reports. Benchmark upped their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Zacks Research lowered Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday. Finally, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th.

Carpenter Technology Trading Down 1.8%

Shares of CRS opened at $246.94 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. Carpenter Technology has a 1-year low of $138.61 and a 1-year high of $290.84. The company has a market capitalization of $12.31 billion, a P/E ratio of 33.28, a P/E/G ratio of 1.14 and a beta of 1.46. The firm's 50 day simple moving average is $247.62 and its 200 day simple moving average is $232.72.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. The business had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.82 earnings per share. Sell-side analysts forecast that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Insider Buying and Selling at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the business's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the sale, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,124 shares of company stock valued at $6,890,250. Company insiders own 2.90% of the company's stock.

Institutional Investors Weigh In On Carpenter Technology

A number of large investors have recently bought and sold shares of CRS. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology in the second quarter valued at about $28,000. Headlands Technologies LLC bought a new position in shares of Carpenter Technology in the second quarter valued at $43,000. Rakuten Securities Inc. bought a new position in shares of Carpenter Technology in the second quarter valued at $45,000. Rise Advisors LLC bought a new position in shares of Carpenter Technology in the first quarter valued at $31,000. Finally, IMA Advisory Services Inc. purchased a new position in Carpenter Technology during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds 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.

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