Carpenter Technology (NYSE:CRS) Hits New 1-Year High – Here’s Why

Carpenter Technology Co. (NYSE:CRS) shares hit a new 52-week high on Monday . The company traded as high as $196.84 and last traded at $195.11, with a volume of 53265 shares traded. The stock had previously closed at $190.97.

Analyst Upgrades and Downgrades

Several research firms have commented on CRS. JPMorgan Chase & Co. began coverage on shares of Carpenter Technology in a report on Friday. They issued an “overweight” rating and a $220.00 price objective on the stock. Benchmark reiterated a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. Finally, BTIG Research upped their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $153.00.

Carpenter Technology Trading Up 1.2 %

The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $9.63 billion, a P/E ratio of 42.53, a P/E/G ratio of 0.97 and a beta of 1.46. The business has a 50-day moving average price of $162.86 and a two-hundred day moving average price of $135.83.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The firm had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. On average, analysts expect that Carpenter Technology Co. will post 6.61 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued 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 0.41%. Carpenter Technology’s dividend payout ratio (DPR) is currently 17.82%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kimelman & Baird LLC acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $33,000. National Bank of Canada FI acquired a new position in shares of Carpenter Technology in the second quarter valued at approximately $49,000. EverSource Wealth Advisors LLC increased its stake in shares of Carpenter Technology by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after buying an additional 178 shares during the period. nVerses Capital LLC bought a new position in Carpenter Technology in the 3rd quarter valued at approximately $64,000. Finally, Banque Cantonale Vaudoise acquired a new stake in Carpenter Technology during the 3rd quarter worth approximately $65,000. Institutional investors 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.