Carpenter Technology (NYSE:CRS) Sets New 1-Year High – Here’s What Happened

Shares of Carpenter Technology Co. (NYSE:CRS) hit a new 52-week high on Tuesday . The stock traded as high as $212.49 and last traded at $211.10, with a volume of 2433 shares traded. The stock had previously closed at $206.58.

Wall Street Analyst Weigh In

CRS has been the subject of several research analyst reports. JPMorgan Chase & Co. initiated coverage on Carpenter Technology in a research note on Friday, November 22nd. They set an “overweight” rating and a $220.00 target price for the company. 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. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.00.

Carpenter Technology Trading Down 1.8 %

The company has a 50 day moving average of $184.60 and a 200 day moving average of $159.44. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of 46.18, a P/E/G ratio of 0.98 and a beta of 1.55.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same period last year, the company earned $0.88 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, research analysts predict that Carpenter Technology Co. will post 6.77 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 28th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SteelPeak Wealth LLC increased its stake in shares of Carpenter Technology by 25.9% in the 4th quarter. SteelPeak Wealth LLC now owns 3,755 shares of the basic materials company’s stock worth $637,000 after acquiring an additional 773 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Carpenter Technology in the 4th quarter worth $1,233,000. KBC Group NV increased its stake in shares of Carpenter Technology by 39.8% in the 4th quarter. KBC Group NV now owns 1,894 shares of the basic materials company’s stock worth $321,000 after acquiring an additional 539 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock worth $97,000 after acquiring an additional 109 shares during the last quarter. Finally, Inspire Investing LLC purchased a new position in shares of Carpenter Technology during the 4th quarter worth $822,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.