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

Carpenter Technology Co. (NYSE:CRS - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $214.33 and last traded at $214.43, with a volume of 501422 shares traded. The stock had previously closed at $202.33.

Analysts Set New Price Targets

CRS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research report on Friday, January 31st. Finally, Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Carpenter Technology Trading Down 0.7 %

The firm has a 50 day simple moving average of $183.52 and a 200 day simple moving average of $183.76. The firm has a market capitalization of $10.53 billion, a PE ratio of 39.93, a P/E/G ratio of 0.93 and a beta of 1.33. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS - Get Free Report) last released 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. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. During the same period in the previous year, the company earned $1.19 earnings per share. The firm's quarterly revenue was up 6.1% on a year-over-year basis. Equities analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Carpenter Technology announced that its board has approved a stock buyback plan on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to buy up to 4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Insider Transactions at Carpenter Technology

In other Carpenter Technology 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 value of $678,566.78. Following the completion of the sale, the director now owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Carpenter Technology

Several large investors have recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA raised its position in shares of Carpenter Technology by 14.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after purchasing an additional 877 shares during the period. Manuka Financial LLC purchased a new stake in shares of Carpenter Technology during the fourth quarter worth about $368,000. Park Avenue Securities LLC purchased a new stake in shares of Carpenter Technology during the fourth quarter worth about $419,000. XML Financial LLC lifted its holdings in Carpenter Technology by 215.3% in the 4th quarter. XML Financial LLC now owns 9,460 shares of the basic materials company's stock worth $1,605,000 after purchasing an additional 6,460 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Carpenter Technology in the 4th quarter worth approximately $18,731,000. Hedge funds and other 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.