Carpenter Technology (NYSE:CRS) Hits New 1-Year High at $160.79

Carpenter Technology Co. (NYSE:CRS) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $160.79 and last traded at $160.52, with a volume of 55748 shares. The stock had previously closed at $157.82.

Analysts Set New Price Targets

A number of research analysts recently commented on CRS shares. Benchmark upped their price objective on Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. BTIG Research increased their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective on the stock. Northcoast Research restated a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. Finally, TD Cowen lifted their price target on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus price target of $139.60.

Carpenter Technology Price Performance

The business’s 50-day simple moving average is $138.66 and its 200 day simple moving average is $108.94. The company has a market capitalization of $7.95 billion, a P/E ratio of 60.01, a P/E/G ratio of 0.77 and a beta of 1.45. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.51 by $0.31. The firm had revenue of $798.70 million for the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.78 earnings per share. As a group, sell-side analysts anticipate that Carpenter Technology Co. will post 6.06 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 27th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Tuesday, August 27th. Carpenter Technology’s payout ratio is currently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Wolf Hill Capital Management LP bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $73,850,000. Bayberry Capital Partners LP bought a new position in shares of Carpenter Technology in the first quarter valued at $35,887,000. American Century Companies Inc. lifted its position in shares of Carpenter Technology by 129.5% during the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after acquiring an additional 479,047 shares during the last quarter. Hawk Ridge Capital Management LP boosted its stake in shares of Carpenter Technology by 199.1% during the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock worth $48,741,000 after acquiring an additional 458,227 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after acquiring an additional 438,781 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.