Carpenter Technology Co. (NYSE:CRS) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of Carpenter Technology Co. (NYSE:CRS - Get Free Report) have been assigned an average recommendation of "Buy" from the four research firms that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $61.00.

CRS has been the topic of several analyst reports. Northcoast Research initiated coverage on Carpenter Technology in a research report on Friday. They set a "buy" rating and a $73.00 target price on the stock. StockNews.com initiated coverage on Carpenter Technology in a research report on Thursday, August 17th. They set a "hold" rating on the stock. TheStreet upgraded Carpenter Technology from a "c+" rating to a "b" rating in a research report on Tuesday, June 20th. Finally, TD Cowen lifted their target price on Carpenter Technology from $60.00 to $72.00 and gave the company an "outperform" rating in a research report on Tuesday, August 1st.

Check Out Our Latest Analysis on CRS

In other news, Director Steven E. Karol sold 810 shares of the business's stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $60.55, for a total value of $49,045.50. Following the transaction, the director now directly owns 229,733 shares in the company, valued at $13,910,333.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Brian J. Malloy sold 10,372 shares of the business's stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $59.69, for a total value of $619,104.68. Following the sale, the senior vice president now directly owns 51,551 shares in the company, valued at $3,077,079.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. Karol sold 810 shares of the business's stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $60.55, for a total value of $49,045.50. Following the completion of the sale, the director now owns 229,733 shares in the company, valued at $13,910,333.15. The disclosure for this sale can be found here. Company insiders own 3.50% of the company's stock.

A number of hedge funds have recently made changes to their positions in the company. LPL Financial LLC lifted its position in shares of Carpenter Technology by 1.0% in the fourth quarter. LPL Financial LLC now owns 21,039 shares of the basic materials company's stock worth $777,000 after buying an additional 204 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Carpenter Technology by 1.1% during the second quarter. The Manufacturers Life Insurance Company now owns 19,508 shares of the basic materials company's stock worth $1,095,000 after acquiring an additional 212 shares during the last quarter. Cerity Partners LLC bought a new stake in Carpenter Technology during the first quarter worth approximately $752,000. Fifth Third Bancorp increased its stake in Carpenter Technology by 115.3% during the second quarter. Fifth Third Bancorp now owns 592 shares of the basic materials company's stock worth $33,000 after acquiring an additional 317 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in Carpenter Technology by 3.7% during the second quarter. Commonwealth Equity Services LLC now owns 8,906 shares of the basic materials company's stock worth $500,000 after acquiring an additional 319 shares during the last quarter. 92.31% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CRS traded up $0.54 during trading hours on Friday, hitting $58.33. The stock had a trading volume of 11,759 shares, compared to its average volume of 391,917. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.79 and a quick ratio of 1.40. Carpenter Technology has a 12 month low of $31.02 and a 12 month high of $61.02. The firm has a market capitalization of $2.85 billion, a PE ratio of 50.64 and a beta of 1.80. The stock has a fifty day moving average price of $56.45 and a 200 day moving average price of $50.53.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.67 by $0.11. The company had revenue of $758.10 million during the quarter, compared to analyst estimates of $743.07 million. Carpenter Technology had a return on equity of 4.21% and a net margin of 2.21%. The business's revenue was up 34.5% compared to the same quarter last year. Analysts anticipate that Carpenter Technology will post 3.48 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Tuesday, August 22nd will be given a $0.20 dividend. The ex-dividend date is Monday, August 21st. This represents a $0.80 annualized dividend and a dividend yield of 1.37%. Carpenter Technology's payout ratio is 69.57%.

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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