Carpenter Technology Co. (NYSE:CRS) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Carpenter Technology Co. (NYSE:CRS) have earned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $167.17.

CRS has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a report on Friday, January 31st.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in shares of Carpenter Technology by 91.9% in the third quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company’s stock worth $3,364,000 after purchasing an additional 10,094 shares during the period. Forest Avenue Capital Management LP bought a new position in Carpenter Technology in the 3rd quarter worth $25,262,000. Manuka Financial LLC purchased a new stake in Carpenter Technology in the 4th quarter worth $368,000. Park Avenue Securities LLC purchased a new stake in Carpenter Technology in the 4th quarter worth $419,000. Finally, Avala Global LP raised its holdings in Carpenter Technology by 21.0% during the third quarter. Avala Global LP now owns 423,700 shares of the basic materials company’s stock valued at $67,614,000 after acquiring an additional 73,400 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $187.20 on Thursday. The firm has a market capitalization of $9.35 billion, a PE ratio of 35.32, a P/E/G ratio of 0.93 and a beta of 1.28. The company has a 50 day moving average price of $192.52 and a 200-day moving average price of $179.96. Carpenter Technology has a 52 week low of $70.73 and a 52 week high of $213.66. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 28th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. Carpenter Technology’s payout ratio is currently 15.09%.

About Carpenter Technology

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.