Carpenter Technology Corporation (CRS) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Carpenter Technology Corporation (NYSE:CRS) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $56.00 price objective on the basic materials company’s stock.
According to Zacks, “Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials. These products have been used in planes, cars and trucks, electronic equipment, medical devices and instruments, industrial fittings, sporting goods, and oil and gas exploration and processing. Carpenter engineered materials have been used in hundreds of applications from industrial tools to jet engines to fuel injectors and medical implants. Its engineered materials are known for their dependability, strength, toughness, corrosion resistance, and the ability to stay intact in high temperatures. “
CRS has been the subject of a number of other research reports. TheStreet raised Carpenter Technology Corporation from a c+ rating to a b rating in a research report on Thursday, July 27th. Longbow Research upped their target price on Carpenter Technology Corporation from $48.00 to $50.00 and gave the company a buy rating in a research report on Friday, July 28th. Finally, Cowen and Company reaffirmed a hold rating and set a $37.00 target price on shares of Carpenter Technology Corporation in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $45.50.
Carpenter Technology Corporation (NYSE:CRS) traded up 0.408% during mid-day trading on Tuesday, hitting $50.425. The company’s stock had a trading volume of 118,649 shares. The company has a market cap of $2.36 billion, a P/E ratio of 50.934 and a beta of 2.10. Carpenter Technology Corporation has a 12-month low of $30.37 and a 12-month high of $50.59. The firm’s 50-day moving average is $41.89 and its 200-day moving average is $38.60.
Carpenter Technology Corporation (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. The business had revenue of $507.70 million for the quarter, compared to the consensus estimate of $502.40 million. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 earnings per share. Analysts predict that Carpenter Technology Corporation will post $2.18 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Tuesday, August 22nd were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Friday, August 18th. Carpenter Technology Corporation’s dividend payout ratio is presently 72.00%.
In other news, Director Steven E. Karol sold 2,645 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $40.50, for a total transaction of $107,122.50. Following the sale, the director now directly owns 230,418 shares of the company’s stock, valued at $9,331,929. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. Karol sold 3,877 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $40.18, for a total transaction of $155,777.86. Following the sale, the director now directly owns 230,418 shares in the company, valued at $9,258,195.24. The disclosure for this sale can be found here. Insiders have sold a total of 26,522 shares of company stock worth $1,065,580 in the last 90 days. 4.51% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Carpenter Technology Corporation by 17,365.7% in the 1st quarter. BlackRock Inc. now owns 5,071,683 shares of the basic materials company’s stock worth $189,174,000 after acquiring an additional 5,042,645 shares during the last quarter. FMR LLC lifted its position in Carpenter Technology Corporation by 0.5% during the 1st quarter. FMR LLC now owns 4,719,016 shares of the basic materials company’s stock worth $176,019,000 after acquiring an additional 21,800 shares during the period. Dimensional Fund Advisors LP lifted its position in Carpenter Technology Corporation by 5.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,926,931 shares of the basic materials company’s stock worth $146,473,000 after acquiring an additional 206,068 shares during the period. Vanguard Group Inc. lifted its position in Carpenter Technology Corporation by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 3,921,611 shares of the basic materials company’s stock worth $146,786,000 after acquiring an additional 12,320 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Carpenter Technology Corporation by 18.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,651,339 shares of the basic materials company’s stock worth $61,809,000 after acquiring an additional 253,969 shares during the period. 92.81% of the stock is currently owned by hedge funds and other institutional investors.
About Carpenter Technology Corporation
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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