Carpenter Technology (NYSE:CRS) Sets New 52-Week High on Analyst Upgrade

Carpenter Technology Co. (NYSE:CRS - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday after Benchmark raised their price target on the stock from $250.00 to $300.00. Benchmark currently has a buy rating on the stock. Carpenter Technology traded as high as $255.26 and last traded at $253.91, with a volume of 233599 shares. The stock had previously closed at $248.74.

A number of other brokerages also recently issued reports on CRS. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $201.60.

Insider Buying and Selling at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of the firm'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 transaction 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 trade represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRS. Strs Ohio acquired a new stake in shares of Carpenter Technology during the first quarter worth about $1,196,000. Focus Partners Wealth lifted its position in Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock worth $836,000 after acquiring an additional 314 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after purchasing an additional 1,701 shares during the last quarter. Legacy Advisory Services LLC acquired a new position in shares of Carpenter Technology in the first quarter valued at approximately $219,000. Finally, Woodline Partners LP acquired a new position in shares of Carpenter Technology in the first quarter valued at approximately $4,050,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

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 company has a 50 day moving average price of $210.45 and a 200 day moving average price of $195.79. The firm has a market cap of $12.38 billion, a PE ratio of 46.93, a PEG ratio of 0.93 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 for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the previous year, the company earned $1.19 EPS. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. Sell-side analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is 11.33%.

Carpenter Technology declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

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.