Carpenter Technology (NYSE:CRS) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Carpenter Technology (NYSE:CRS) in a research report report published on Friday, MarketBeat reports. The firm issued an overweight rating and a $220.00 price target on the basic materials company’s stock.

A number of other research analysts have also recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. BTIG Research upped their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus target price of $153.00.

Carpenter Technology Stock Performance

NYSE CRS opened at $190.97 on Friday. The firm has a market capitalization of $9.52 billion, a P/E ratio of 42.53, a PEG ratio of 0.92 and a beta of 1.46. The stock has a 50-day simple moving average of $162.86 and a two-hundred day simple moving average of $135.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. Carpenter Technology has a fifty-two week low of $58.87 and a fifty-two week high of $192.34.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.15. The company had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. Carpenter Technology’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the business earned $0.88 earnings per share. On average, equities analysts forecast that Carpenter Technology will post 6.61 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. Carpenter Technology’s payout ratio is currently 17.82%.

Institutional Trading of Carpenter Technology

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Carpenter Technology by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock valued at $406,096,000 after purchasing an additional 15,564 shares in the last quarter. FMR LLC lifted its stake 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 buying an additional 1,108,963 shares in the last quarter. Geode Capital Management LLC boosted its position in Carpenter Technology by 1.6% during the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock worth $175,607,000 after acquiring an additional 17,497 shares during the last quarter. American Century Companies Inc. grew its stake in Carpenter Technology by 129.5% during the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after acquiring an additional 479,047 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Carpenter Technology by 15.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company’s stock valued at $122,794,000 after acquiring an additional 103,559 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.