Northcoast Research Reiterates “Sell” Rating for Carpenter Technology (NYSE:CRS)

Northcoast Research reissued their sell rating on shares of Carpenter Technology (NYSE:CRS) in a research note published on Friday, Benzinga reports. Northcoast Research currently has a $89.00 target price on the basic materials company’s stock.

A number of other equities research analysts also recently issued reports on CRS. TD Cowen lifted their price target on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a buy rating in a research report on Monday, June 10th. Benchmark reiterated a buy rating and set a $140.00 price target on shares of Carpenter Technology in a research report on Tuesday, May 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $118.00.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $101.55 on Friday. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. The company has a market cap of $5.04 billion, a P/E ratio of 38.61 and a beta of 1.47. Carpenter Technology has a 52 week low of $50.61 and a 52 week high of $112.75. The company has a 50-day moving average price of $97.78 and a 200 day moving average price of $77.93.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. The firm had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The firm’s revenue was down .8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 earnings per share. Research analysts predict that Carpenter Technology will post 4.31 earnings per share for the current year.

Carpenter Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.79%. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Monday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 30.42%.

Insider Transactions at Carpenter Technology

In other news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the transaction, the director now directly owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the sale, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at approximately $9,434,625.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the sale, the director now directly owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The disclosure for this sale can be found here. Insiders sold a total of 59,678 shares of company stock valued at $6,261,693 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Carpenter Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Carpenter Technology by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company’s stock valued at $393,562,000 after buying an additional 53,994 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Carpenter Technology by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock valued at $256,072,000 after buying an additional 43,589 shares during the period. FMR LLC grew its stake in shares of Carpenter Technology by 15.9% during the 3rd quarter. FMR LLC now owns 1,545,931 shares of the basic materials company’s stock valued at $103,902,000 after buying an additional 212,321 shares during the period. Invesco Ltd. grew its stake in shares of Carpenter Technology by 24.2% during 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 during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of 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 valued at $68,833,000 after buying an additional 438,781 shares during the period. 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.