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

Shares of Carpenter Technology Co. (NYSE:CRS - Get Free Report) 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 trading hands. The stock had previously closed at $248.74.

CRS has been the subject of several other research reports. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $188.83.

Insider Activity at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the sale, the director now directly owns 6,732 shares of the company's stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio purchased a new stake in Carpenter Technology in the 1st quarter valued at about $1,196,000. Focus Partners Wealth raised its stake in shares of 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 purchasing an additional 314 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Carpenter Technology by 1.7% during 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 worth $18,985,000 after purchasing an additional 1,701 shares during the period. Legacy Advisory Services LLC purchased a new position in shares of Carpenter Technology in the 1st quarter worth about $219,000. Finally, Woodline Partners LP bought a new stake in Carpenter Technology in the first quarter worth about $4,050,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

The business has a 50-day moving average price of $203.76 and a 200 day moving average price of $194.29. The stock has a market cap of $12.66 billion, a PE ratio of 47.92, a PEG ratio of 0.93 and a beta of 1.37. 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 EPS for the quarter, topping 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 company had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same period last year, the firm earned $1.19 EPS. Carpenter Technology's revenue for the quarter was up 6.1% on a year-over-year basis. As a group, research analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is presently 11.33%.

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

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