Carpenter Technology (NYSE:CRS) Price Target Raised to $465.00

Carpenter Technology (NYSE:CRS) had its target price increased by JPMorgan Chase & Co. from $394.00 to $465.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the basic materials company’s stock.

CRS has been the topic of a number of other research reports. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. KeyCorp increased their price objective on shares of Carpenter Technology from $380.00 to $453.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Wells Fargo & Company started coverage on shares of Carpenter Technology in a report on Wednesday, April 1st. They set an “equal weight” rating and a $400.00 price objective for the company. Susquehanna started coverage on shares of Carpenter Technology in a report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price objective for the company. Finally, BTIG Research increased their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $403.11.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $423.71 on Monday. The firm’s 50 day moving average price is $398.66 and its 200-day moving average price is $343.78. Carpenter Technology has a twelve month low of $184.49 and a twelve month high of $459.18. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $21.10 billion, a PE ratio of 49.21, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter last year, the business earned $1.66 EPS. The firm’s revenue was up 7.5% compared to the same quarter last year. Equities research analysts expect that Carpenter Technology will post 10.3 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is presently 9.29%.

Insider Activity

In related news, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,300 shares of company stock worth $8,664,044 over the last quarter. 2.90% of the stock is currently owned by insiders.

Institutional Trading of Carpenter Technology

A number of large investors have recently made changes to their positions in the stock. Sands Capital Management LLC bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $195,731,000. Norges Bank bought a new position in Carpenter Technology in the fourth quarter worth about $195,254,000. Aspex Management HK Ltd bought a new position in Carpenter Technology in the third quarter worth about $136,215,000. TOMS Capital Investment Management LP bought a new position in Carpenter Technology in the second quarter worth about $106,683,000. Finally, UBS Group AG raised its holdings in Carpenter Technology by 171.2% in the fourth quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock worth $190,951,000 after purchasing an additional 382,865 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.