Carpenter Technology (NYSE:CRS) Reaches New 12-Month High – What’s Next?

Carpenter Technology Co. (NYSE:CRS)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $174.44 and last traded at $173.37, with a volume of 26203 shares trading hands. The stock had previously closed at $161.12.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CRS shares. BTIG Research increased their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Benchmark reiterated a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Trading Up 10.5 %

The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. The stock has a fifty day moving average of $152.34 and a 200 day moving average of $127.79. The company has a market capitalization of $8.88 billion, a PE ratio of 35.89, a PEG ratio of 0.78 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The firm had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. Carpenter Technology’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 earnings per share. As a group, sell-side analysts predict that Carpenter Technology Co. will post 6.68 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. Carpenter Technology’s payout ratio is 17.82%.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds have recently made changes to their positions in the company. Whittier Trust Co. bought a new position in shares of Carpenter Technology during the 1st quarter valued at approximately $30,000. Kimelman & Baird LLC bought a new stake in shares of Carpenter Technology in the 2nd quarter worth about $33,000. National Bank of Canada FI purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $49,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Carpenter Technology by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 178 shares during the last quarter. Finally, Covestor Ltd grew its position in Carpenter Technology by 469.2% in the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock worth $59,000 after acquiring an additional 685 shares in the last quarter. 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.