Carpenter Technology (NYSE:CRS) Reaches New 12-Month High – Here’s What Happened

Carpenter Technology Co. (NYSE:CRS) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $212.49 and last traded at $211.10, with a volume of 2433 shares changing hands. The stock had previously closed at $206.58.

Wall Street Analyst Weigh In

Several research firms have commented on CRS. Benchmark reaffirmed a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. JPMorgan Chase & Co. began coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They set an “overweight” rating and a $220.00 target price on the stock. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average target price of $153.00.

Carpenter Technology Trading Up 2.4 %

The company has a 50 day simple moving average of $183.30 and a 200 day simple moving average of $158.35. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $10.55 billion, a PE ratio of 47.12, a P/E/G ratio of 0.98 and a beta of 1.55.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. During the same quarter in the prior year, the business earned $0.88 earnings per share. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. Analysts predict that Carpenter Technology Co. will post 6.77 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. acquired a new stake in Carpenter Technology in the second quarter valued at about $203,000. Renaissance Technologies LLC acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $13,248,000. Hsbc Holdings PLC boosted its stake in shares of Carpenter Technology by 25.6% in the second quarter. Hsbc Holdings PLC now owns 5,532 shares of the basic materials company’s stock valued at $598,000 after buying an additional 1,126 shares in the last quarter. XTX Topco Ltd acquired a new position in Carpenter Technology during the second quarter worth $447,000. Finally, Intech Investment Management LLC purchased a new position in Carpenter Technology in the second quarter worth $552,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.