TD Cowen Boosts Carpenter Technology (NYSE:CRS) Price Target to $116.00

Carpenter Technology (NYSE:CRS - Free Report) had its price objective increased by TD Cowen from $90.00 to $116.00 in a report published on Thursday morning, Benzinga reports. They currently have a buy rating on the basic materials company's stock.

Carpenter Technology Trading Up 1.6 %

Carpenter Technology stock traded up $1.57 during trading hours on Thursday, reaching $99.90. The company had a trading volume of 1,302,085 shares, compared to its average volume of 526,134. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.90 and a quick ratio of 1.26. The company has a 50-day moving average price of $72.59 and a 200 day moving average price of $68.55. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 34.58 and a beta of 1.47. Carpenter Technology has a 12-month low of $44.40 and a 12-month high of $100.30.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 10.21% and a net margin of 5.27%. The business had revenue of $684.90 million for the quarter, compared to analysts' expectations of $707.73 million. During the same period in the previous year, the firm earned $0.38 EPS. The business's quarterly revenue was down .8% on a year-over-year basis. Equities analysts forecast that Carpenter Technology will post 3.97 earnings per share for the current year.

Carpenter Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, April 22nd. This is a boost from Carpenter Technology's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 0.80%. Carpenter Technology's payout ratio is 27.68%.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Carpenter Technology by 0.9% during the third quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company's stock valued at $393,562,000 after purchasing an additional 53,994 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Carpenter Technology by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company's stock valued at $256,072,000 after purchasing an additional 43,589 shares in the last quarter. FMR LLC boosted its position in shares of Carpenter Technology by 15.9% during the third quarter. FMR LLC now owns 1,545,931 shares of the basic materials company's stock valued at $103,902,000 after purchasing an additional 212,321 shares in the last quarter. Invesco Ltd. boosted its position in shares of Carpenter Technology by 24.2% during the third quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company's stock valued at $89,504,000 after purchasing an additional 259,330 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company's stock valued at $68,833,000 after purchasing an additional 438,781 shares in the last quarter. 92.03% of the stock is currently owned by 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.