Carpenter Technology Co. (NYSE:CRS) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Carpenter Technology Co. (NYSE:CRS) have been assigned a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $139.60.

A number of research analysts recently issued reports on CRS shares. BTIG Research lifted their price target on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Benchmark reiterated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. started coverage on shares of Carpenter Technology in a report on Friday. They issued an “overweight” rating and a $220.00 price target for the company.

Carpenter Technology Price Performance

NYSE CRS opened at $180.98 on Friday. The company has a market cap of $9.02 billion, a P/E ratio of 40.31, a P/E/G ratio of 0.94 and a beta of 1.46. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. Carpenter Technology has a 1 year low of $58.87 and a 1 year high of $187.03. The company has a fifty day simple moving average of $161.90 and a 200 day simple moving average of $134.76.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business had revenue of $717.60 million for the quarter, compared to analysts’ expectations of $742.96 million. During the same period in the previous year, the business posted $0.88 earnings per share. Carpenter Technology’s quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts predict that Carpenter Technology will post 6.61 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.44%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s payout ratio is presently 17.82%.

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently modified their holdings of CRS. Virtue Capital Management LLC acquired a new position in Carpenter Technology in the 3rd quarter worth $860,000. Geode Capital Management LLC boosted its holdings in Carpenter Technology by 1.6% during the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock worth $175,607,000 after purchasing an additional 17,497 shares during the last quarter. Barclays PLC grew its position in Carpenter Technology by 471.1% in the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock valued at $16,236,000 after purchasing an additional 83,930 shares in the last quarter. Zacks Investment Management lifted its position in Carpenter Technology by 165.6% during the 3rd quarter. Zacks Investment Management now owns 13,675 shares of the basic materials company’s stock worth $2,182,000 after buying an additional 8,527 shares in the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Carpenter Technology by 8,300.2% during the 3rd quarter. National Bank of Canada FI now owns 38,473 shares of the basic materials company’s stock worth $6,140,000 after buying an additional 38,015 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.