Cowen reaffirmed their hold rating on shares of Carpenter Technology (NYSE:CRS) in a report released on Sunday, December 10th. Cowen currently has a $53.00 target price on the basic materials company’s stock.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Carpenter Technology from a hold rating to a buy rating and set a $56.00 price objective for the company in a report on Tuesday, October 3rd. KeyCorp restated a hold rating on shares of Carpenter Technology in a report on Thursday, November 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $50.80.
Shares of Carpenter Technology (NYSE CRS) traded down $1.05 on Friday, reaching $50.99. The company had a trading volume of 217,100 shares, compared to its average volume of 346,264. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.91 and a quick ratio of 0.98. Carpenter Technology has a 52 week low of $34.24 and a 52 week high of $53.61. The company has a market cap of $2,387.18, a P/E ratio of 31.48 and a beta of 2.08.
Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 26th. The basic materials company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.05. The firm had revenue of $479.80 million during the quarter, compared to analysts’ expectations of $448.46 million. Carpenter Technology had a return on equity of 6.67% and a net margin of 4.06%. The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.08) EPS. equities research analysts predict that Carpenter Technology will post 2.27 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 7th. Stockholders of record on Tuesday, October 24th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Monday, October 23rd. Carpenter Technology’s payout ratio is 44.44%.
In related news, COO Joseph E. Haniford sold 11,448 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $49.09, for a total transaction of $561,982.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 4.51% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Riverhead Capital Management LLC lifted its position in shares of Carpenter Technology by 64.5% during the second quarter. Riverhead Capital Management LLC now owns 2,797 shares of the basic materials company’s stock worth $105,000 after purchasing an additional 1,097 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Carpenter Technology by 90.2% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,225 shares of the basic materials company’s stock valued at $154,000 after purchasing an additional 1,529 shares during the last quarter. Turner Investments LLC bought a new stake in shares of Carpenter Technology during the 3rd quarter valued at approximately $192,000. Tocqueville Asset Management L.P. bought a new stake in shares of Carpenter Technology during the 3rd quarter valued at approximately $214,000. Finally, Wrapmanager Inc. acquired a new stake in Carpenter Technology during the 3rd quarter worth approximately $216,000. Institutional investors and hedge funds own 95.90% of the company’s stock.
About Carpenter Technology
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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