Carpenter Technology (NYSE:CRS) Shares Gap Up to $98.46

Carpenter Technology Co. (NYSE:CRS)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $98.46, but opened at $101.05. Carpenter Technology shares last traded at $99.44, with a volume of 18,528 shares changing hands.

Analysts Set New Price Targets

A number of research firms have weighed in on CRS. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a research note on Friday, June 14th. Benchmark reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Carpenter Technology in a research note on Tuesday, May 28th. BTIG Research started coverage on shares of Carpenter Technology in a research note on Wednesday. They issued a “buy” rating and a $120.00 price objective on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Carpenter Technology in a research report on Tuesday. They set a “buy” rating and a $144.00 price target on the stock. Finally, TD Cowen increased their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. One investment 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $123.60.

Carpenter Technology Stock Performance

The company’s 50-day moving average is $100.98 and its two-hundred day moving average is $79.40. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. The company has a market cap of $5.26 billion, a P/E ratio of 40.33 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. The firm had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The company’s revenue was down .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 EPS. Equities analysts predict that Carpenter Technology Co. will post 4.31 EPS for the current year.

Carpenter Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd were given a $0.20 dividend. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date was Monday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is currently 30.42%.

Insider Activity

In related news, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the sale, the director now owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the sale, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the transaction, the director now directly owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The disclosure for this sale can be found here. Insiders have sold 59,678 shares of company stock valued at $6,261,693 in the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of institutional investors have recently added to or reduced their stakes in CRS. Janney Montgomery Scott LLC increased its position in shares of Carpenter Technology by 91.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 25,408 shares of the basic materials company’s stock valued at $1,799,000 after buying an additional 12,129 shares during the period. Harvest Investment Services LLC purchased a new stake in Carpenter Technology in the 4th quarter worth approximately $826,000. Consolidated Portfolio Review Corp bought a new position in Carpenter Technology in the 4th quarter valued at $1,297,000. Phocas Financial Corp. bought a new position in Carpenter Technology in the 4th quarter valued at $3,396,000. Finally, Penserra Capital Management LLC increased its holdings in shares of Carpenter Technology by 6,477.1% in the third quarter. Penserra Capital Management LLC now owns 37,884 shares of the basic materials company’s stock worth $2,546,000 after purchasing an additional 37,308 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.