Carpenter Technology (NYSE:CRS) Reaches New 12-Month High - Here's What Happened

Carpenter Technology Co. (NYSE:CRS - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The stock traded as high as $240.00 and last traded at $236.80, with a volume of 260231 shares traded. The stock had previously closed at $235.00.

Analysts Set New Price Targets

A number of research firms have commented on CRS. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $168.00.

Carpenter Technology Stock Up 0.7%

The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The company has a market capitalization of $12.38 billion, a price-to-earnings ratio of 46.94, a PEG ratio of 0.93 and a beta of 1.33. The firm has a 50-day moving average price of $202.44 and a two-hundred day moving average price of $193.66.

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

Carpenter Technology Announces Dividend

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

Carpenter Technology declared that its board has approved a share buyback program on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In related news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in Carpenter Technology during the fourth quarter worth $25,000. Rise Advisors LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth about $31,000. IMA Advisory Services Inc. bought a new stake in shares of Carpenter Technology in the 1st quarter valued at about $36,000. Bessemer Group Inc. raised its stake in Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares during the period. Finally, Ameriflex Group Inc. bought a new stake in Carpenter Technology in the 4th quarter valued at $44,000. 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.