Carpenter Technology (NYSE:CRS) Trading Down 5.2% – Here’s Why

Carpenter Technology Co. (NYSE:CRS) shares dropped 5.2% during mid-day trading on Monday . The stock traded as low as $182.00 and last traded at $183.54. Approximately 274,260 shares changed hands during trading, a decline of 53% from the average daily volume of 588,362 shares. The stock had previously closed at $193.52.

Analyst Ratings Changes

A number of research analysts recently weighed in on CRS shares. Benchmark reissued a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. initiated coverage on Carpenter Technology in a research report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $153.00.

Carpenter Technology Price Performance

The stock has a market cap of $9.21 billion, a P/E ratio of 43.10, a price-to-earnings-growth ratio of 0.97 and a beta of 1.52. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The company’s fifty day simple moving average is $171.01 and its 200-day simple moving average is $141.92.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share 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 for the quarter, compared to analysts’ expectations of $742.96 million. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts forecast that Carpenter Technology Co. will post 6.74 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.43%. Carpenter Technology’s dividend payout ratio is presently 17.82%.

Institutional Investors Weigh In On Carpenter Technology

A number of large investors have recently bought and sold shares of CRS. CWM LLC increased its stake in shares of Carpenter Technology by 12.6% in the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after buying an additional 103 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Carpenter Technology in the second quarter worth about $247,000. Great Valley Advisor Group Inc. acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $259,000. Neo Ivy Capital Management bought a new stake in shares of Carpenter Technology during the second quarter valued at approximately $1,173,000. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in shares of Carpenter Technology in the second quarter valued at approximately $237,000. 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.