JPMorgan Chase & Co. Issues Positive Forecast for Carpenter Technology (NYSE:CRS) Stock Price

Carpenter Technology (NYSE:CRS) had its target price increased by JPMorgan Chase & Co. from $220.00 to $235.00 in a report published on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the basic materials company’s stock.

Separately, Benchmark reiterated a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $155.50.

Carpenter Technology Trading Down 5.4 %

Shares of CRS stock opened at $199.28 on Monday. The firm’s 50-day simple moving average is $186.51 and its 200-day simple moving average is $161.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. Carpenter Technology has a 1-year low of $58.87 and a 1-year high of $213.65. The firm has a market cap of $9.93 billion, a P/E ratio of 44.38, a PEG ratio of 0.98 and a beta of 1.55.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Tuesday, January 28th. Carpenter Technology’s payout ratio is currently 17.82%.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stratos Wealth Partners LTD. raised its stake in shares of Carpenter Technology by 2.7% during the fourth quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company’s stock valued at $410,000 after purchasing an additional 63 shares during the period. Strengthening Families & Communities LLC lifted its holdings in Carpenter Technology by 0.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock worth $2,763,000 after buying an additional 100 shares in the last quarter. Fifth Third Bancorp boosted its position in Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock valued at $97,000 after buying an additional 109 shares during the last quarter. Wesbanco Bank Inc. grew its stake in shares of Carpenter Technology by 1.2% during the fourth quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company’s stock valued at $1,663,000 after acquiring an additional 115 shares in the last quarter. Finally, Burney Co. increased its position in shares of Carpenter Technology by 6.2% during the fourth quarter. Burney Co. now owns 2,045 shares of the basic materials company’s stock worth $347,000 after acquiring an additional 120 shares during the last quarter. Institutional investors and hedge funds 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.