Carpenter Technology (NYSE:CRS) Trading 8% Higher – What’s Next?

Shares of Carpenter Technology Co. (NYSE:CRS) shot up 8% during mid-day trading on Tuesday . The stock traded as high as $205.00 and last traded at $203.53. 1,272,017 shares traded hands during mid-day trading, an increase of 75% from the average session volume of 728,503 shares. The stock had previously closed at $188.44.

Analysts Set New Price Targets

Several brokerages recently commented on CRS. Benchmark reaffirmed a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $156.33.

Carpenter Technology Stock Down 1.1 %

The firm has a market capitalization of $10.40 billion, a P/E ratio of 39.28, a PEG ratio of 0.96 and a beta of 1.54. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The firm’s 50-day moving average is $188.45 and its 200 day moving average is $169.70.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities research analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, January 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. Carpenter Technology’s dividend payout ratio is currently 15.09%.

Institutional Trading of Carpenter Technology

A number of institutional investors have recently made changes to their positions in CRS. FMR LLC lifted its position in shares of Carpenter Technology by 47.1% in the third quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after purchasing an additional 1,108,963 shares in the last quarter. SurgoCap Partners LP lifted its position in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Norges Bank bought a new stake in shares of Carpenter Technology in the fourth quarter worth $100,505,000. Allspring Global Investments Holdings LLC lifted its position in shares of Carpenter Technology by 428.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of Carpenter Technology in the fourth quarter worth $69,285,000. 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.