Carpenter Technology (NYSE:CRS) Hits New 52-Week High - What's Next?

Carpenter Technology Co. (NYSE:CRS - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $236.73 and last traded at $237.02, with a volume of 192724 shares trading hands. The stock had previously closed at $230.16.

Wall Street Analyst Weigh In

CRS has been the subject of several research analyst reports. BTIG Research set a $230.00 price target on Carpenter Technology in a report on Friday, January 31st. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $168.00.

Carpenter Technology Stock Up 2.9%

The business's fifty day moving average price is $193.94 and its two-hundred day moving average price is $190.32. 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 stock has a market capitalization of $11.79 billion, a PE ratio of 44.73, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

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

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is presently 11.33%.

Carpenter Technology declared that its board has authorized a share repurchase 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 stock through open market purchases. Stock buyback programs are typically a sign that the company's management 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 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 transaction, the director now directly 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 link. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of Carpenter Technology

A number of large investors have recently modified their holdings of CRS. Barclays PLC boosted its position in shares of Carpenter Technology by 471.1% in the 3rd quarter. Barclays PLC now owns 101,745 shares of the basic materials company's stock valued at $16,236,000 after purchasing an additional 83,930 shares during the period. Atomi Financial Group Inc. purchased a new position in shares of Carpenter Technology during the fourth quarter worth about $219,000. Nisa Investment Advisors LLC increased its position in Carpenter Technology by 6.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,716 shares of the basic materials company's stock valued at $2,158,000 after acquiring an additional 748 shares during the period. SG Americas Securities LLC raised its stake in Carpenter Technology by 161.7% during the 4th quarter. SG Americas Securities LLC now owns 9,686 shares of the basic materials company's stock valued at $1,644,000 after acquiring an additional 5,985 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after purchasing an additional 109 shares during the period. Hedge funds and other 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.

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