Carpenter Technology’s (CRS) Neutral Rating Reaffirmed at Northcoast Research

Northcoast Research reaffirmed their neutral rating on shares of Carpenter Technology (NYSE:CRS) in a research report released on Monday, MarketBeat reports.

Separately, TD Cowen upped their price objective on Carpenter Technology from $90.00 to $116.00 and gave the company a buy rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Carpenter Technology has an average rating of Moderate Buy and a consensus target price of $96.33.

Carpenter Technology Stock Down 1.7 %

CRS stock opened at $101.91 on Monday. The business’s 50-day moving average is $74.82 and its two-hundred day moving average is $69.38. Carpenter Technology has a fifty-two week low of $44.40 and a fifty-two week high of $104.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. The company has a market cap of $5.06 billion, a price-to-earnings ratio of 38.75 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company had revenue of $684.90 million for the quarter, compared to the consensus estimate of $707.73 million. During the same quarter last year, the company earned $0.38 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis. As a group, analysts forecast that Carpenter Technology will post 3.97 earnings per share for the current year.

Carpenter Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend is Monday, April 22nd. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is currently 30.42%.

Institutional Trading of Carpenter Technology

Institutional investors have recently made changes to their positions in the company. Hawk Ridge Capital Management LP grew its position in Carpenter Technology by 199.1% in the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock worth $48,741,000 after acquiring an additional 458,227 shares during the period. Goldman Sachs Group Inc. increased its holdings in Carpenter Technology by 82.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after purchasing an additional 438,781 shares during the period. Hennessy Advisors Inc. purchased a new position in Carpenter Technology in the fourth quarter worth approximately $27,407,000. Norges Bank acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $22,901,000. Finally, Invesco Ltd. boosted its holdings in shares of Carpenter Technology by 24.2% in the 3rd quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock valued at $89,504,000 after buying an additional 259,330 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Company Profile

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.