Benchmark Raises Carpenter Technology (NYSE:CRS) Price Target to $140.00

Carpenter Technology (NYSE:CRS) had its target price hoisted by Benchmark from $100.00 to $140.00 in a report issued on Wednesday morning, Benzinga reports. Benchmark currently has a buy rating on the basic materials company’s stock.

Other analysts have also issued research reports about the stock. Northcoast Research reiterated a neutral rating on shares of Carpenter Technology in a research note on Monday. TD Cowen lifted their price objective on shares of Carpenter Technology from $90.00 to $116.00 and gave the company a buy rating in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $109.67.

Carpenter Technology Trading Up 2.5 %

Carpenter Technology stock traded up $2.56 during mid-day trading on Wednesday, hitting $106.11. 536,588 shares of the stock were exchanged, compared to its average volume of 544,130. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. Carpenter Technology has a 12 month low of $44.40 and a 12 month high of $106.71. The firm’s fifty day simple moving average is $76.35 and its two-hundred day simple moving average is $69.91. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of 40.25 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results 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 net margin of 4.83% and a return on equity of 12.75%. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same quarter last year, the business earned $0.38 EPS. The company’s revenue was down .8% compared to the same quarter last year. Analysts forecast that Carpenter Technology will post 3.97 EPS for the current year.

Carpenter Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be paid a $0.20 dividend. The ex-dividend date is Monday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.75%. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is currently 30.42%.

Insider Activity

In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the sale, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Carpenter Technology news, VP Elizabeth A. Socci sold 802 shares of Carpenter Technology stock in a transaction on Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares in the company, valued at $24,551,751.82. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. increased its position in shares of Carpenter Technology by 0.7% during the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after buying an additional 188 shares during the period. Arizona State Retirement System increased its position in shares of Carpenter Technology by 1.5% in the third quarter. Arizona State Retirement System now owns 13,823 shares of the basic materials company’s stock worth $929,000 after purchasing an additional 198 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Carpenter Technology by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock worth $825,000 after purchasing an additional 215 shares during the last quarter. Range Financial Group LLC boosted its stake in Carpenter Technology by 2.5% in the fourth quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock worth $760,000 after buying an additional 259 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Carpenter Technology by 1.1% in the first quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock worth $1,835,000 after buying an additional 281 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

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.