Carpenter Technology Co. (CRS) Given Average Rating of “Buy” by Analysts

Shares of Carpenter Technology Co. (NYSE:CRS) have earned a consensus rating of “Buy” from the seven research firms that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $49.50.

Several analysts have recently weighed in on CRS shares. Zacks Investment Research upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research report on Tuesday, October 3rd. KeyCorp reiterated a “hold” rating on shares of Carpenter Technology in a research report on Wednesday, October 11th. Finally, Cowen reiterated a “hold” rating and issued a $37.00 target price on shares of Carpenter Technology in a research report on Thursday, October 19th.

Shares of Carpenter Technology (CRS) opened at $51.63 on Monday. The company has a current ratio of 2.91, a quick ratio of 0.98 and a debt-to-equity ratio of 0.45. The firm has a market cap of $2,400.00, a price-to-earnings ratio of 32.07 and a beta of 2.07. Carpenter Technology has a 52-week low of $34.24 and a 52-week high of $53.61.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.05. The firm had revenue of $479.80 million for the quarter, compared to analysts’ expectations of $448.46 million. Carpenter Technology had a net margin of 4.06% and a return on equity of 6.67%. The business’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. sell-side analysts expect that Carpenter Technology will post 2.24 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 7th. Investors of record on Tuesday, October 24th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend was Monday, October 23rd. Carpenter Technology’s payout ratio is presently 44.72%.

In related news, COO Joseph E. Haniford sold 11,448 shares of Carpenter Technology stock in a transaction on Friday, December 1st. The shares were sold at an average price of $49.09, for a total value of $561,982.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.51% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the business. New York State Common Retirement Fund grew its holdings in Carpenter Technology by 4.7% in the 2nd quarter. New York State Common Retirement Fund now owns 51,000 shares of the basic materials company’s stock worth $1,909,000 after acquiring an additional 2,299 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in Carpenter Technology in the 2nd quarter worth $802,000. Frontier Capital Management Co. LLC grew its holdings in Carpenter Technology by 38.9% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,242,423 shares of the basic materials company’s stock worth $59,674,000 after acquiring an additional 347,965 shares during the last quarter. Paradigm Capital Management Inc. NY grew its holdings in Carpenter Technology by 23.5% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 14,700 shares of the basic materials company’s stock worth $551,000 after acquiring an additional 2,800 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Carpenter Technology by 1.6% in the 2nd quarter. Northern Trust Corp now owns 1,072,901 shares of the basic materials company’s stock worth $40,158,000 after acquiring an additional 16,916 shares during the last quarter. 95.90% of the stock is currently owned by institutional investors and hedge funds.

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Carpenter Technology Company Profile

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.

Analyst Recommendations for Carpenter Technology (NYSE:CRS)

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