Analysts Set Carpenter Technology Co. (NYSE:CRS) PT at $123.60

Shares of Carpenter Technology Co. (NYSE:CRS) have been assigned a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $123.60.

CRS has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Carpenter Technology in a report on Tuesday. They set a “buy” rating and a $144.00 target price for the company. Northcoast Research reissued a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a report on Friday, June 14th. Benchmark reissued a “buy” rating and issued a $140.00 price target on shares of Carpenter Technology in a report on Tuesday, May 28th. BTIG Research began coverage on shares of Carpenter Technology in a report on Wednesday. They issued a “buy” rating and a $120.00 price target for the company. Finally, TD Cowen boosted their price target on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th.

Insiders Place Their Bets

In other Carpenter Technology news, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the sale, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares in the company, valued at approximately $24,551,751.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction dated 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 in the company, valued at $1,175,183.99. 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 three months. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. American International Group Inc. grew its stake in Carpenter Technology by 0.7% in the 4th quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after buying an additional 188 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Carpenter Technology by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after buying an additional 215 shares during the last quarter. Range Financial Group LLC grew its stake in Carpenter Technology by 2.5% in the 4th quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock valued at $760,000 after buying an additional 259 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Carpenter Technology by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock valued at $1,835,000 after buying an additional 281 shares during the last quarter. Finally, Comerica Bank grew its stake in Carpenter Technology by 1.2% in the 4th quarter. Comerica Bank now owns 24,931 shares of the basic materials company’s stock valued at $1,765,000 after buying an additional 307 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $109.43 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. The firm has a market cap of $5.43 billion, a P/E ratio of 41.61 and a beta of 1.47. The firm has a 50 day simple moving average of $102.17 and a 200 day simple moving average of $79.89. Carpenter Technology has a fifty-two week low of $51.94 and a fifty-two week high of $112.75.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 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 firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same quarter in the previous year, the business earned $0.38 EPS. The business’s quarterly revenue was down .8% compared to the same quarter last year. Sell-side analysts predict that Carpenter Technology will post 4.35 earnings per share for the current fiscal year.

Carpenter Technology Increases Dividend

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

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.