Carpenter Technology (NYSE:CRS) Earns Buy Rating from Analysts at BTIG Research

BTIG Research began coverage on shares of Carpenter Technology (NYSE:CRS) in a research report sent to investors on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $120.00 target price on the basic materials company’s stock.

A number of other brokerages also recently issued reports on CRS. Benchmark reiterated a buy rating and issued a $140.00 price objective on shares of Carpenter Technology in a report on Tuesday, May 28th. Northcoast Research reiterated a sell rating and issued a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. TD Cowen boosted their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a buy rating in a research report on Monday, June 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a research note on Tuesday. They set a buy rating and a $144.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Carpenter Technology has a consensus rating of Moderate Buy and an average target price of $123.60.

Carpenter Technology Stock Performance

Shares of CRS opened at $109.43 on Wednesday. Carpenter Technology has a 1 year low of $51.94 and a 1 year high of $112.75. The stock has a market capitalization of $5.43 billion, a PE ratio of 41.61 and a beta of 1.47. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. The stock has a 50-day simple moving average of $102.17 and a 200-day simple moving average of $79.89.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The company had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The firm’s quarterly revenue was down .8% on a year-over-year basis. On average, analysts predict that Carpenter Technology will post 4.35 earnings per share for the current fiscal year.

Carpenter Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend was Monday, April 22nd. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is currently 30.42%.

Insider Buying and Selling

In other Carpenter Technology news, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the transaction, the vice president now owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP James D. Dee sold 23,518 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,678 shares of company stock worth $6,261,693. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC raised its holdings in shares of Carpenter Technology by 7.4% during the third quarter. Kestra Advisory Services LLC now owns 7,256 shares of the basic materials company’s stock worth $488,000 after purchasing an additional 503 shares during the period. Acadian Asset Management LLC raised its stake in shares of Carpenter Technology by 21.2% during the third quarter. Acadian Asset Management LLC now owns 10,193 shares of the basic materials company’s stock valued at $685,000 after purchasing an additional 1,785 shares in the last quarter. Natixis Advisors L.P. acquired a new stake in Carpenter Technology in the third quarter worth about $1,496,000. Teza Capital Management LLC bought a new position in Carpenter Technology in the 3rd quarter valued at about $203,000. Finally, Gotham Asset Management LLC acquired a new position in Carpenter Technology during the 3rd quarter valued at about $649,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.