Carpenter Technology (NYSE:CRS) Trading Up 3.4% – Time to Buy?

Carpenter Technology Co. (NYSE:CRS)’s share price was up 3.4% during trading on Wednesday . The company traded as high as $161.70 and last traded at $161.21. Approximately 142,168 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 579,560 shares. The stock had previously closed at $155.91.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. BTIG Research upped their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft started coverage on Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. Finally, Benchmark increased their price objective on Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $139.60.

Carpenter Technology Trading Up 0.3 %

The company has a market capitalization of $7.76 billion, a price-to-earnings ratio of 59.24, a P/E/G ratio of 0.83 and a beta of 1.45. The business’s 50-day moving average price is $149.61 and its two-hundred day moving average price is $122.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.51 by $0.31. The business had revenue of $798.70 million for the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 earnings per share. Research analysts predict that Carpenter Technology Co. will post 6.63 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. Carpenter Technology’s payout ratio is currently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

A number of large investors have recently made changes to their positions in CRS. Kimelman & Baird LLC purchased a new stake in Carpenter Technology in the second quarter worth about $33,000. nVerses Capital LLC purchased a new position in shares of Carpenter Technology in the 3rd quarter valued at $64,000. Whittier Trust Co. purchased a new position in Carpenter Technology during the 1st quarter worth $30,000. National Bank of Canada FI purchased a new position in Carpenter Technology during the 2nd quarter worth $49,000. Finally, EverSource Wealth Advisors LLC lifted its position in Carpenter Technology by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 178 shares during the period. 92.03% of the stock is currently owned by institutional investors.

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.