Carpenter Technology (CRS) Reaches New 52-Week Low at $39.61

Carpenter Technology Co. (NYSE:CRS) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $39.61 and last traded at $39.86, with a volume of 416120 shares. The stock had previously closed at $42.40.

CRS has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. Cowen reiterated a “buy” rating and set a $53.00 price target on shares of Carpenter Technology in a research note on Thursday. ValuEngine lowered shares of Carpenter Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Finally, Deutsche Bank set a $50.00 price target on shares of Carpenter Technology and gave the stock a “hold” rating in a research note on Thursday, October 25th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $54.75.

The company has a current ratio of 3.27, a quick ratio of 1.23 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.99 billion, a PE ratio of 15.94 and a beta of 2.25.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.09). Carpenter Technology had a return on equity of 9.03% and a net margin of 8.74%. The firm had revenue of $572.40 million for the quarter, compared to analyst estimates of $559.00 million. During the same quarter last year, the firm earned $0.49 earnings per share. The company’s revenue was up 19.3% compared to the same quarter last year. Research analysts expect that Carpenter Technology Co. will post 3.17 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, December 6th. Shareholders of record on Tuesday, October 23rd were given a dividend of $0.20 per share. The ex-dividend date was Monday, October 22nd. This represents a $0.80 annualized dividend and a yield of 2.01%. Carpenter Technology’s payout ratio is currently 32.00%.

Institutional investors and hedge funds have recently modified their holdings of the business. Alpha Windward LLC acquired a new position in Carpenter Technology during the third quarter worth about $555,000. Renaissance Technologies LLC acquired a new stake in shares of Carpenter Technology in the second quarter valued at approximately $4,447,000. GSA Capital Partners LLP acquired a new stake in shares of Carpenter Technology in the second quarter valued at approximately $424,000. Halsey Associates Inc. CT grew its position in shares of Carpenter Technology by 15.6% in the second quarter. Halsey Associates Inc. CT now owns 163,165 shares of the basic materials company’s stock valued at $8,578,000 after purchasing an additional 21,990 shares during the last quarter. Finally, Hammer Asset Management LLC acquired a new stake in shares of Carpenter Technology in the second quarter valued at approximately $3,591,000. Institutional investors own 94.06% of the company’s stock.

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About Carpenter Technology (NYSE:CRS)

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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