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

Carpenter Technology Co. (NYSE:CRS)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $209.11, but opened at $195.00. Carpenter Technology shares last traded at $197.54, with a volume of 120,804 shares.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Benchmark restated a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $155.50.

Carpenter Technology Trading Down 7.8 %

The company has a market capitalization of $9.61 billion, a price-to-earnings ratio of 43.22, a PEG ratio of 0.98 and a beta of 1.55. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $187.51 and a 200-day moving average price of $162.91.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. As a group, sell-side analysts predict that Carpenter Technology Co. will post 6.77 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is 17.82%.

Institutional Trading of Carpenter Technology

A number of institutional investors and hedge funds have recently made changes to their positions in CRS. Rhumbline Advisers lifted its stake in shares of Carpenter Technology by 12.8% in the fourth quarter. Rhumbline Advisers now owns 166,362 shares of the basic materials company’s stock valued at $28,233,000 after buying an additional 18,820 shares during the period. New Mexico Educational Retirement Board bought a new stake in shares of Carpenter Technology in the 4th quarter worth approximately $1,782,000. Roman Butler Fullerton & Co. grew its holdings in shares of Carpenter Technology by 20.8% during the 4th quarter. Roman Butler Fullerton & Co. now owns 9,966 shares of the basic materials company’s stock worth $1,691,000 after purchasing an additional 1,717 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Carpenter Technology by 428.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock valued at $103,714,000 after purchasing an additional 479,985 shares during the period. Finally, Wealthstar Advisors LLC acquired a new position in shares of Carpenter Technology in the fourth quarter valued at $519,000. 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.