Carpenter Technology (NYSE:CRS) Shares Gap Down – What’s Next?

Carpenter Technology Co. (NYSE:CRS) gapped down prior to trading on Thursday . The stock had previously closed at $209.11, but opened at $195.00. Carpenter Technology shares last traded at $197.54, with a volume of 120,804 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Benchmark reissued a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average price target of $155.50.

Carpenter Technology Price Performance

The stock has a fifty day simple moving average of $187.81 and a 200-day simple moving average of $163.65. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 43.01, a price-to-earnings-growth ratio of 0.99 and a beta of 1.55. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. As a group, equities research analysts expect that Carpenter Technology Co. will post 6.74 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 28th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend is Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRS. FMR LLC raised its position in shares of Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after acquiring an additional 1,108,963 shares during the last quarter. Geode Capital Management LLC lifted its stake in Carpenter Technology by 1.6% in the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock valued at $175,607,000 after buying an additional 17,497 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Carpenter Technology by 15.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company’s stock worth $122,794,000 after buying an additional 103,559 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Carpenter Technology by 428.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after buying an additional 479,985 shares during the period. Finally, Avala Global LP increased its stake in shares of Carpenter Technology by 21.0% in the 3rd quarter. Avala Global LP now owns 423,700 shares of the basic materials company’s stock valued at $67,614,000 after acquiring an additional 73,400 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

About Carpenter Technology

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.