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

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as $257.84 and last traded at $256.69, with a volume of 52520 shares trading hands. The stock had previously closed at $253.72.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRS. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Finally, Benchmark boosted their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Carpenter Technology currently has an average rating of "Moderate Buy" and a consensus target price of $244.75.

Carpenter Technology Stock Performance

The company's 50-day moving average price is $222.60 and its two-hundred day moving average price is $198.64. The company has a market cap of $13.21 billion, a P/E ratio of 37.59, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its 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. The firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $1.19 earnings per share. As a group, equities analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Carpenter Technology declared that its board has authorized a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the company'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 transaction, the director now directly owns 6,732 shares of the company's stock, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Carpenter Technology

Several institutional investors have recently made changes to their positions in the stock. Rise Advisors LLC purchased a new stake in Carpenter Technology in the 1st quarter worth approximately $31,000. IMA Advisory Services Inc. bought a new stake in Carpenter Technology in the first quarter worth approximately $36,000. Bessemer Group Inc. increased its stake in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at $44,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Carpenter Technology by 109.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after purchasing an additional 127 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.