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

Key Points

• Carpenter Technology hit a new 52-week high, trading as high as $461.01 and last at $455.18 on volume of 79,411 shares.
• Analysts are broadly bullish—multiple firms raised price targets (Deutsche Bank $500, Susquehanna $495, TD Cowen $450), with nine Buy ratings, two Holds and a MarketBeat consensus of “Moderate Buy” and an average target of $438.78.
• The company reported an EPS beat of $2.77 versus $2.59 expected, but revenue missed at $655.6M versus $797M expected, although revenue rose 11.6% year‑over‑year.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $461.01 and last traded at $455.1830, with a volume of 79411 shares trading hands. The stock had previously closed at $444.99.

Wall Street Analyst Weigh In

CRS has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. BTIG Research lifted their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Susquehanna lifted their price target on Carpenter Technology from $470.00 to $495.00 and gave the company a "positive" rating in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Carpenter Technology in a research report on Friday, April 24th. Finally, TD Cowen lifted their price target on Carpenter Technology from $430.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Carpenter Technology presently has a consensus rating of "Moderate Buy" and an average target price of $438.78.

Carpenter Technology Stock Performance

The company has a 50-day moving average of $405.47 and a 200 day moving average of $353.27. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $22.73 billion, a PE ratio of 48.14, a PEG ratio of 1.60 and a beta of 1.24.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business had revenue of $655.60 million during the quarter, compared to analysts' expectations of $797.00 million. During the same period in the previous year, the business earned $1.88 earnings per share. The firm's revenue was up 11.6% on a year-over-year basis. Equities research analysts predict that Carpenter Technology Corporation will post 10.43 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology's payout ratio is presently 8.42%.

Insider Activity

In other news, Director Steven E. Karol sold 3,500 shares of the company's stock in a transaction dated 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 completion of the transaction, the director directly owned 225,381 shares in the company, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James D. Dee sold 15,800 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares of the company's stock, valued at $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 22,300 shares of company stock valued at $8,664,044. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter worth about $28,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Carpenter Technology in the 1st quarter valued at about $30,000. SJS Investment Consulting Inc. lifted its stake in shares of Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 36 shares during the last quarter. Armstrong Advisory Group Inc. lifted its stake in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 43 shares during the last quarter. Finally, Root Financial Partners LLC bought a new stake in shares of Carpenter Technology in the 3rd quarter valued at about $41,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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