Carpenter Technology (NYSE:CRS) Sets New 52-Week High – Should You Buy?

Carpenter Technology Co. (NYSE:CRS)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $174.44 and last traded at $173.37, with a volume of 26203 shares changing hands. The stock had previously closed at $161.12.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRS shares. Benchmark restated a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. BTIG Research raised their target price 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. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Price Performance

The company has a market capitalization of $8.88 billion, a PE ratio of 35.89, a P/E/G ratio of 0.78 and a beta of 1.46. The firm has a fifty day simple moving average of $152.34 and a 200 day simple moving average of $127.79. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The company had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.88 earnings per share. Equities analysts anticipate that Carpenter Technology Co. will post 6.68 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 17.82%.

Institutional Trading of Carpenter Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wolf Hill Capital Management LP purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth $73,850,000. Bayberry Capital Partners LP purchased a new stake in shares of Carpenter Technology during the first quarter valued at about $35,887,000. American Century Companies Inc. lifted its position in shares of Carpenter Technology by 129.5% during the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after buying an additional 479,047 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Carpenter Technology by 1,538.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock valued at $34,053,000 after buying an additional 200,364 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $13,248,000. 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.