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

Carpenter Technology Corporation (NYSE:CRS - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock 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.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRS. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark boosted their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $278.33.

Carpenter Technology Price Performance

The company has a market capitalization of $13.60 billion, a PE ratio of 38.69, a P/E/G ratio of 1.11 and a beta of 1.37. The stock has a 50 day moving average price of $228.30 and a two-hundred day moving average price of $200.17. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The company's revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.19 earnings per share. Equities analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is presently 11.33%.

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

Insider Buying and Selling at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, 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 disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in shares of Carpenter Technology in the first quarter valued at about $31,000. IMA Advisory Services Inc. bought a new stake in Carpenter Technology during the 1st quarter valued at approximately $36,000. Bessemer Group Inc. grew its holdings in Carpenter Technology by 50.3% in the 1st 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 last quarter. Ameriflex Group Inc. acquired a new stake in Carpenter Technology in the 4th quarter valued at approximately $44,000. Finally, CIBC Private Wealth Group LLC increased its position in 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 worth $45,000 after buying an additional 127 shares during the period. Institutional investors 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.