BTIG Research Initiates Coverage on Carpenter Technology (NYSE:CRS)

BTIG Research began coverage on shares of Carpenter Technology (NYSE:CRS) in a report released on Wednesday morning, Marketbeat.com reports. The firm issued a buy rating and a $120.00 target price on the basic materials company’s stock.

Several other equities research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on Carpenter Technology in a research report on Tuesday, June 25th. They set a buy rating and a $144.00 price target on the stock. Northcoast Research restated a sell rating and set a $89.00 price target on shares of Carpenter Technology in a research report on Friday, June 14th. Benchmark restated a buy rating and set a $140.00 price target on shares of Carpenter Technology in a research report on Tuesday, May 28th. Finally, TD Cowen boosted their target price on Carpenter Technology from $116.00 to $125.00 and gave the stock a buy rating in a report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $123.60.

Carpenter Technology Price Performance

Shares of CRS stock opened at $109.58 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. Carpenter Technology has a fifty-two week low of $51.94 and a fifty-two week high of $112.75. The firm has a market cap of $5.44 billion, a P/E ratio of 41.67 and a beta of 1.47. The business’s 50 day moving average price is $102.17 and its 200-day moving average price is $79.99.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, beating 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 company had revenue of $684.90 million for the quarter, compared to analyst estimates of $707.73 million. During the same period in the previous year, the company posted $0.38 earnings per share. The firm’s revenue was down .8% on a year-over-year basis. On average, equities research analysts anticipate that Carpenter Technology will post 4.35 earnings per share for the current year.

Carpenter Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.73%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Monday, April 22nd. Carpenter Technology’s payout ratio is 30.42%.

Insiders Place Their Bets

In other news, SVP James D. Dee sold 23,518 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP James D. Dee sold 23,518 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the transaction, the director now owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,678 shares of company stock valued at $6,261,693. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Bright Futures Wealth Management LLC. purchased a new stake in Carpenter Technology during the first quarter valued at $202,000. Comerica Bank increased its position in Carpenter Technology by 170.3% during the first quarter. Comerica Bank now owns 67,380 shares of the basic materials company’s stock valued at $4,812,000 after acquiring an additional 42,449 shares during the last quarter. Interval Partners LP increased its position in Carpenter Technology by 48.0% during the first quarter. Interval Partners LP now owns 99,488 shares of the basic materials company’s stock valued at $7,105,000 after acquiring an additional 32,288 shares during the last quarter. Bayberry Capital Partners LP purchased a new stake in Carpenter Technology during the first quarter valued at $35,887,000. Finally, Advisors Asset Management Inc. increased its position in Carpenter Technology by 26.8% during the first quarter. Advisors Asset Management Inc. now owns 21,015 shares of the basic materials company’s stock valued at $1,501,000 after acquiring an additional 4,438 shares during the last quarter. Hedge funds and other institutional investors 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.