Carpenter Technology (NYSE:CRS) Shares Gap Down – Should You Sell?

Carpenter Technology Co. (NYSE:CRS) shares gapped down before the market opened on Thursday . The stock had previously closed at $156.76, but opened at $151.15. Carpenter Technology shares last traded at $153.33, with a volume of 265,536 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently 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. BTIG Research lifted their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Stock Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84. The firm has a fifty day moving average of $150.28 and a 200 day moving average of $123.19. The stock has a market cap of $7.71 billion, a price-to-earnings ratio of 59.10, a PEG ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.16. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company had revenue of $717.60 million for the quarter, compared to analysts’ expectations of $742.96 million. During the same quarter in the prior year, the company posted $0.88 earnings per share. Carpenter Technology’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Carpenter Technology Co. will post 6.63 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.51%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is presently 30.42%.

Hedge Funds Weigh In On Carpenter Technology

Several hedge funds have recently made changes to their positions in CRS. Whittier Trust Co. acquired a new position in shares of Carpenter Technology during the 1st quarter worth $30,000. Kimelman & Baird LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at $33,000. National Bank of Canada FI purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $49,000. EverSource Wealth Advisors LLC raised its stake in Carpenter Technology by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 178 shares during the period. Finally, Covestor Ltd grew its position in Carpenter Technology by 469.2% during the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after acquiring an additional 685 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.