Carpenter Technology (NYSE:CRS) Hits New 1-Year High – Here’s Why

Carpenter Technology Co. (NYSE:CRS)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $196.84 and last traded at $195.11, with a volume of 53265 shares traded. The stock had previously closed at $190.97.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CRS. JPMorgan Chase & Co. began coverage on Carpenter Technology in a report on Friday. They set an “overweight” rating and a $220.00 target price on the stock. Benchmark reissued a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. Finally, BTIG Research raised their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Carpenter Technology Stock Performance

The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The company has a fifty day moving average price of $162.86 and a 200 day moving average price of $135.83. The stock has a market cap of $9.63 billion, a P/E ratio of 42.53, a P/E/G ratio of 0.97 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. During the same quarter in the previous year, the business posted $0.88 EPS. Carpenter Technology’s quarterly revenue was up 10.1% on a year-over-year basis. On average, equities analysts expect that Carpenter Technology Co. will post 6.61 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is presently 17.82%.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently bought and sold shares of the company. Virtue Capital Management LLC bought a new position in Carpenter Technology in the 3rd quarter worth about $860,000. Geode Capital Management LLC grew its holdings in shares of Carpenter Technology by 1.6% during the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock worth $175,607,000 after purchasing an additional 17,497 shares in the last quarter. Barclays PLC increased its position in shares of Carpenter Technology by 471.1% in the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock worth $16,236,000 after purchasing an additional 83,930 shares during the last quarter. Zacks Investment Management raised its stake in Carpenter Technology by 165.6% in the third quarter. Zacks Investment Management now owns 13,675 shares of the basic materials company’s stock valued at $2,182,000 after purchasing an additional 8,527 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in Carpenter Technology by 8,300.2% during the third quarter. National Bank of Canada FI now owns 38,473 shares of the basic materials company’s stock valued at $6,140,000 after purchasing an additional 38,015 shares during the last quarter. Hedge funds and other institutional investors 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.