Carpenter Technology (NYSE:CRS) Reaches New 1-Year High - What's Next?

Key Points

• Carpenter Technology (NYSE:CRS) hit a new 52-week high, trading as high as $445.30 and last quoted at $443.80 on a volume of 535,900 shares.
• Multiple analysts raised ratings and targets—Susquehanna set a $470 target and KeyCorp $453—leaving the stock with nine Buy and two Hold ratings and a MarketBeat consensus target of $395.22 (average rating: Moderate Buy).
• The company beat EPS expectations with $2.33 (vs. $2.20 est.) on $728M revenue, showing strong margins (ROE 23.63%, net margin 14.77%) and pays a $0.20 quarterly dividend (0.2% yield).

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $445.30 and last traded at $443.80, with a volume of 535900 shares. The stock had previously closed at $435.30.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Susquehanna assumed coverage on Carpenter Technology in a report on Tuesday, March 3rd. They set a "positive" rating and a $470.00 price target for the company. Wall Street Zen raised Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. Finally, KeyCorp lifted their price target on Carpenter Technology from $380.00 to $453.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $395.22.

Carpenter Technology Price Performance

The stock has a market cap of $22.11 billion, a price-to-earnings ratio of 51.54, a PEG ratio of 1.67 and a beta of 1.24. The company has a 50-day moving average of $387.17 and a 200-day moving average of $335.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.13. The firm had revenue of $728.00 million for the quarter, compared to analysts' expectations of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.66 EPS. As a group, equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology's payout ratio is presently 9.29%.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven E. Karol sold 3,500 shares of the business's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,300 shares of company stock worth $8,664,044 in the last quarter. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $28,000. Armstrong Advisory Group Inc. boosted its stake in shares of Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after acquiring an additional 43 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of Carpenter Technology during the 3rd quarter worth approximately $41,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Carpenter Technology by 54.1% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company's stock worth $42,000 after acquiring an additional 60 shares in the last quarter. Finally, Spire Wealth Management boosted its stake in shares of Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after acquiring an additional 84 shares in the last quarter. Institutional investors and hedge funds 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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