Carpenter Technology (NYSE:CRS) Earns Buy Rating from Benchmark

Benchmark restated their buy rating on shares of Carpenter Technology (NYSE:CRS) in a research report sent to investors on Tuesday, Benzinga reports. Benchmark currently has a $140.00 target price on the basic materials company’s stock.

A number of other analysts have also commented on CRS. TD Cowen lifted their price objective on Carpenter Technology from $90.00 to $116.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Northcoast Research reiterated a neutral rating on shares of Carpenter Technology in a research report on Monday, May 6th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Carpenter Technology presently has an average rating of Moderate Buy and an average price target of $109.67.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $110.96 on Tuesday. 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 stock has a fifty day moving average price of $89.99 and a two-hundred day moving average price of $74.81. Carpenter Technology has a 52-week low of $44.40 and a 52-week high of $112.75. The firm has a market capitalization of $5.50 billion, a P/E ratio of 42.19 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same period in the prior year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, analysts anticipate that Carpenter Technology will post 4.31 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.72%. The ex-dividend date is Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is 30.42%.

Insider Activity

In other news, VP Elizabeth A. Socci sold 802 shares of Carpenter Technology 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 approximately $1,175,183.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Carpenter Technology news, VP Marshall D. Akins sold 4,358 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $102.23, for a total transaction of $445,518.34. Following the transaction, the vice president now owns 23,014 shares of the company’s stock, valued at approximately $2,352,721.22. The transaction was disclosed in a legal filing 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 that occurred on Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now directly 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 worth $6,261,693 in the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. American International Group Inc. boosted 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 purchasing an additional 188 shares during the period. Arizona State Retirement System lifted its position in shares of Carpenter Technology by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 13,823 shares of the basic materials company’s stock valued at $929,000 after acquiring an additional 198 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Carpenter Technology by 1.9% during 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 acquiring an additional 215 shares during the period. Range Financial Group LLC lifted its position in shares of Carpenter Technology by 2.5% during the 4th quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock valued at $760,000 after acquiring an additional 259 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in shares of Carpenter Technology by 1.1% during 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 acquiring an additional 281 shares during the period. 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.