Shares of Carpenter Technology Co. (NYSE:CRS) have received an average rating of “Buy” from the seven research firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $55.00.
A number of equities research analysts have recently issued reports on the stock. Cowen reaffirmed a “buy” rating and set a $66.00 target price on shares of Carpenter Technology in a report on Friday, June 1st. ValuEngine raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Friday, May 4th. Zacks Investment Research raised shares of Carpenter Technology from a “sell” rating to a “hold” rating in a report on Monday, April 16th. Finally, Deutsche Bank upped their target price on shares of Carpenter Technology from $47.00 to $49.00 and gave the stock a “hold” rating in a report on Wednesday, April 11th.
In related news, insider Tony R. Thene sold 31,797 shares of the company’s stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $58.83, for a total value of $1,870,617.51. Following the completion of the sale, the insider now owns 130,472 shares of the company’s stock, valued at $7,675,667.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Lain sold 1,007 shares of the company’s stock in a transaction dated Friday, May 4th. The shares were sold at an average price of $55.00, for a total transaction of $55,385.00. Following the completion of the sale, the vice president now directly owns 11,288 shares of the company’s stock, valued at approximately $620,840. The disclosure for this sale can be found here. Insiders have sold 61,419 shares of company stock valued at $3,556,619 in the last ninety days. Insiders own 4.51% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Carpenter Technology by 1.3% in the first quarter. BlackRock Inc. now owns 5,017,316 shares of the basic materials company’s stock valued at $221,364,000 after purchasing an additional 66,128 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Carpenter Technology by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,958,359 shares of the basic materials company’s stock valued at $174,643,000 after purchasing an additional 20,514 shares during the period. Franklin Resources Inc. purchased a new stake in shares of Carpenter Technology in the first quarter valued at about $46,984,000. Northern Trust Corp grew its holdings in shares of Carpenter Technology by 0.7% in the first quarter. Northern Trust Corp now owns 1,060,838 shares of the basic materials company’s stock valued at $46,804,000 after purchasing an additional 7,840 shares during the period. Finally, Kennedy Capital Management Inc. grew its holdings in shares of Carpenter Technology by 466.4% in the fourth quarter. Kennedy Capital Management Inc. now owns 490,698 shares of the basic materials company’s stock valued at $25,021,000 after purchasing an additional 404,070 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.
Carpenter Technology opened at $56.16 on Monday, MarketBeat reports. The company has a quick ratio of 1.14, a current ratio of 2.97 and a debt-to-equity ratio of 0.40. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 52.00 and a beta of 2.02. Carpenter Technology has a fifty-two week low of $35.89 and a fifty-two week high of $61.49.
Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, April 26th. The basic materials company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.02. Carpenter Technology had a net margin of 8.36% and a return on equity of 8.23%. The company had revenue of $572.20 million during the quarter, compared to analysts’ expectations of $518.98 million. During the same period in the prior year, the business posted $0.44 earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. equities research analysts predict that Carpenter Technology will post 2.39 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 7th. Stockholders of record on Tuesday, May 1st were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Monday, April 30th. Carpenter Technology’s payout ratio is 66.67%.
About Carpenter Technology
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through 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.
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