Carpenter Technology (NYSE:CRS) Price Target Raised to $305.00

Carpenter Technology (NYSE:CRS - Free Report) had its price target upped by JPMorgan Chase & Co. from $245.00 to $305.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the basic materials company's stock.

Other equities research analysts also recently issued research reports about the company. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, Benchmark increased their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. One 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 currently has an average rating of "Moderate Buy" and a consensus price target of $244.75.

Carpenter Technology Price Performance

NYSE:CRS traded up $2.22 during mid-day trading on Tuesday, reaching $253.19. 1,147,959 shares of the stock were exchanged, compared to its average volume of 779,601. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. The business has a fifty day moving average price of $219.17 and a 200 day moving average price of $197.70. Carpenter Technology has a 1-year low of $95.70 and a 1-year high of $256.52. The firm has a market capitalization of $12.60 billion, a PE ratio of 35.86, a PEG ratio of 1.05 and a beta of 1.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The company had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter in the previous year, the company posted $1.19 EPS. The business's revenue was up 6.1% compared to the same quarter last year. Research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its Board of Directors has authorized a share repurchase plan 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 buy up to 4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Carpenter Technology Announces Dividend

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

Insider Activity

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction 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 Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRS. FMR LLC raised its position in Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after acquiring an additional 979,313 shares in the last quarter. Invesco Ltd. raised its holdings in Carpenter Technology by 37.1% during the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after buying an additional 570,441 shares in the last quarter. Egerton Capital UK LLP acquired a new stake in shares of Carpenter Technology in the first quarter worth about $329,727,000. SurgoCap Partners LP boosted its stake in shares of Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after acquiring an additional 779,357 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after acquiring an additional 38,411 shares in the last quarter. 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.