Carpenter Technology Co. (NYSE:CRS) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Carpenter Technology Co. (NYSE:CRS) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $167.17.

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. BTIG Research set a $230.00 price target on Carpenter Technology in a report on Friday, January 31st.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its position in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock valued at $754,295,000 after acquiring an additional 979,313 shares in the last quarter. Invesco Ltd. lifted its holdings in Carpenter Technology by 30.3% in the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock worth $260,884,000 after purchasing an additional 357,417 shares in the last quarter. SurgoCap Partners LP boosted its stake in Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after purchasing an additional 779,357 shares during the period. Geode Capital Management LLC grew its holdings in Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company’s stock valued at $193,279,000 after buying an additional 38,411 shares in the last quarter. Finally, Third Point LLC raised its position in shares of Carpenter Technology by 31.8% during the fourth quarter. Third Point LLC now owns 870,000 shares of the basic materials company’s stock valued at $147,648,000 after buying an additional 210,000 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $181.44 on Thursday. Carpenter Technology has a 12 month low of $70.20 and a 12 month high of $213.66. The firm has a market capitalization of $9.06 billion, a P/E ratio of 34.23, a P/E/G ratio of 0.93 and a beta of 1.55. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $193.50 and a two-hundred day simple moving average of $179.63.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. On average, equities analysts forecast that Carpenter Technology 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, March 6th. Shareholders of record on Friday, February 28th were given a $0.20 dividend. The ex-dividend date was Tuesday, January 28th. This represents a $0.80 annualized dividend and a yield of 0.44%. Carpenter Technology’s payout ratio is 15.09%.

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.