Carpenter Technology (NYSE:CRS) Hits New 1-Year High – Time to Buy?

Carpenter Technology Co. (NYSE:CRS)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $182.52 and last traded at $181.96, with a volume of 192569 shares trading hands. The stock had previously closed at $175.50.

Analyst Ratings Changes

A number of analysts recently issued reports on CRS shares. BTIG Research increased their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Benchmark restated a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Trading Up 2.1 %

The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. The stock has a market cap of $8.93 billion, a P/E ratio of 39.09, a P/E/G ratio of 0.88 and a beta of 1.46. The stock has a 50-day moving average price of $158.32 and a 200-day moving average price of $132.98.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The business had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. On average, equities research analysts expect that Carpenter Technology Co. will post 6.68 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s payout ratio is currently 17.82%.

Hedge Funds Weigh In On Carpenter Technology

Large investors have recently modified their holdings of the company. Strengthening Families & Communities LLC grew its position in Carpenter Technology by 0.6% during the third quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock valued at $2,763,000 after acquiring an additional 100 shares during the last quarter. CWM LLC raised its position in Carpenter Technology by 12.6% in the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 103 shares during the period. GAMMA Investing LLC lifted its stake in Carpenter Technology by 9.2% in the second quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after purchasing an additional 136 shares during the last quarter. KBC Group NV boosted its position in Carpenter Technology by 13.5% during the third quarter. KBC Group NV now owns 1,355 shares of the basic materials company’s stock valued at $216,000 after buying an additional 161 shares during the period. Finally, Arete Wealth Advisors LLC grew its stake in shares of Carpenter Technology by 7.5% during the third quarter. Arete Wealth Advisors LLC now owns 2,423 shares of the basic materials company’s stock valued at $384,000 after buying an additional 169 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Carpenter Technology

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.