Carpenter Technology (NYSE:CRS) Shares Gap Down – Here’s Why

Carpenter Technology Co. (NYSE:CRS) gapped down prior to trading on Thursday . The stock had previously closed at $156.76, but opened at $151.15. Carpenter Technology shares last traded at $153.33, with a volume of 265,536 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently commented on CRS. BTIG Research raised their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Benchmark increased their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $139.60.

Carpenter Technology Stock Down 2.4 %

The company has a market cap of $7.59 billion, a price-to-earnings ratio of 57.90, a P/E/G ratio of 0.83 and a beta of 1.45. The firm’s 50 day simple moving average is $149.88 and its 200-day simple moving average is $122.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.28. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The business had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carpenter Technology Co. will post 6.63 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 30.42%.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kimelman & Baird LLC acquired a new position in Carpenter Technology during the second quarter worth $33,000. nVerses Capital LLC acquired a new position in Carpenter Technology during the third quarter worth approximately $64,000. Whittier Trust Co. acquired a new stake in Carpenter Technology during the 1st quarter worth approximately $30,000. National Bank of Canada FI acquired a new position in Carpenter Technology during the second quarter valued at approximately $49,000. Finally, EverSource Wealth Advisors LLC grew its stake in Carpenter Technology by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after buying an additional 178 shares during the period. Institutional investors and hedge funds 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.