Carpenter Technology (NYSE:CRS) Shares Gap Down – What’s Next?

Carpenter Technology Co. (NYSE:CRS)’s share price gapped down prior to trading 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 changing hands.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. BTIG Research raised their price target on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Benchmark boosted their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Trading Down 2.4 %

The stock has a market capitalization of $7.59 billion, a PE ratio of 57.90, a P/E/G ratio of 0.83 and a beta of 1.45. The company’s 50 day moving average price is $149.88 and its two-hundred day moving average price is $122.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.28. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The business had revenue of $717.60 million for the quarter, compared to analysts’ expectations of $742.96 million. During the same period in the previous year, the firm posted $0.88 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, analysts expect that Carpenter Technology Co. will post 6.63 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.52%. Carpenter Technology’s payout ratio is 30.42%.

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors have recently bought and sold shares of CRS. CWM LLC increased its stake in Carpenter Technology by 12.6% during the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 103 shares during the last quarter. GAMMA Investing LLC raised its holdings in Carpenter Technology by 9.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock valued at $177,000 after buying an additional 136 shares during the period. EverSource Wealth Advisors LLC lifted its position in Carpenter Technology by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after buying an additional 178 shares during the last quarter. American International Group Inc. boosted its stake in Carpenter Technology by 0.7% during the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock worth $1,887,000 after buying an additional 188 shares during the period. Finally, Private Advisor Group LLC raised its stake in shares of Carpenter Technology by 3.8% in the 3rd quarter. Private Advisor Group LLC now owns 5,300 shares of the basic materials company’s stock valued at $846,000 after acquiring an additional 196 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.