Carpenter Technology (NYSE:CRS) Earns Neutral Rating from Northcoast Research

Northcoast Research reissued their neutral rating on shares of Carpenter Technology (NYSE:CRS) in a research note issued to investors on Monday morning, Marketbeat.com reports.

Separately, TD Cowen increased their price objective on shares of Carpenter Technology from $90.00 to $116.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $109.67.

Carpenter Technology Trading Up 1.0 %

Shares of NYSE CRS opened at $103.53 on Monday. Carpenter Technology has a 1-year low of $44.40 and a 1-year high of $106.71. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. The business’s 50 day moving average is $76.35 and its two-hundred day moving average is $69.91. The stock has a market capitalization of $5.14 billion, a P/E ratio of 39.37 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million for the quarter, compared to the consensus estimate of $707.73 million. During the same quarter in the previous year, the company posted $0.38 EPS. The company’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, research analysts expect that Carpenter Technology will post 3.97 EPS for the current year.

Carpenter Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.77%. Carpenter Technology’s dividend payout ratio is presently 30.42%.

Insider Buying and Selling

In other news, VP Elizabeth A. Socci sold 802 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the sale, the vice president now owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the sale, the director now directly owns 244,126 shares in the company, valued at $24,551,751.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the transaction, the vice president now owns 11,509 shares in the company, valued at $1,175,183.99. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds have recently modified their holdings of CRS. Cambridge Investment Research Advisors Inc. purchased a new stake in Carpenter Technology during the third quarter worth $284,000. Raymond James Financial Services Advisors Inc. bought a new stake in Carpenter Technology during the third quarter valued at about $202,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Carpenter Technology by 16.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,184 shares of the basic materials company’s stock valued at $550,000 after purchasing an additional 1,174 shares in the last quarter. Strs Ohio grew its stake in Carpenter Technology by 400.0% in the third quarter. Strs Ohio now owns 2,500 shares of the basic materials company’s stock valued at $168,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Carpenter Technology by 8.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,155 shares of the basic materials company’s stock worth $23,601,000 after purchasing an additional 28,605 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.