StockNews.com Lowers Carpenter Technology (NYSE:CRS) to Sell

StockNews.com cut shares of Carpenter Technology (NYSE:CRSGet Rating) from a hold rating to a sell rating in a research report report published on Tuesday.

CRS has been the subject of several other research reports. Cowen upgraded Carpenter Technology from a market perform rating to an outperform rating and set a $45.00 price objective for the company in a research report on Monday, September 12th. Cowen upgraded Carpenter Technology from a market perform rating to an outperform rating and set a $45.00 target price on the stock in a report on Monday, September 12th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, Carpenter Technology presently has a consensus rating of Moderate Buy and an average target price of $47.75.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $41.09 on Tuesday. Carpenter Technology has a 52 week low of $24.76 and a 52 week high of $44.96. The company has a quick ratio of 1.30, a current ratio of 2.80 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $1.99 billion, a P/E ratio of -47.78 and a beta of 1.69. The company has a 50 day moving average price of $36.68 and a 200 day moving average price of $34.04.

Carpenter Technology (NYSE:CRSGet Rating) last issued its quarterly earnings data on Thursday, October 27th. The basic materials company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). The firm had revenue of $522.90 million for the quarter, compared to analyst estimates of $558.00 million. Carpenter Technology had a negative net margin of 2.09% and a negative return on equity of 3.35%. Sell-side analysts expect that Carpenter Technology will post 1.15 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Tuesday, October 25th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Monday, October 24th. Carpenter Technology’s dividend payout ratio is -93.02%.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its stake in shares of Carpenter Technology by 2.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 13,226 shares of the basic materials company’s stock valued at $369,000 after buying an additional 361 shares during the period. Mutual of America Capital Management LLC increased its stake in shares of Carpenter Technology by 5.7% in the 1st quarter. Mutual of America Capital Management LLC now owns 6,955 shares of the basic materials company’s stock valued at $292,000 after buying an additional 372 shares during the period. Legal & General Group Plc increased its stake in shares of Carpenter Technology by 0.3% in the 2nd quarter. Legal & General Group Plc now owns 141,295 shares of the basic materials company’s stock valued at $3,943,000 after buying an additional 392 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of Carpenter Technology by 1.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 43,358 shares of the basic materials company’s stock valued at $1,871,000 after buying an additional 412 shares during the period. Finally, JB Capital LLC increased its stake in shares of Carpenter Technology by 3.0% in the 2nd quarter. JB Capital LLC now owns 15,488 shares of the basic materials company’s stock valued at $432,000 after buying an additional 448 shares during the period. Institutional investors and hedge funds own 93.11% of the company’s stock.

About Carpenter Technology

(Get Rating)

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.

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