July 16, 2024

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Carpenter Technology (NYSE:CRS) Now Covered by Analysts at Deutsche Bank Aktiengesellschaft

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Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology (NYSE:CRS – Free Report) in a report issued on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $144.00 price target on the basic materials company’s stock.

Several other brokerages also recently issued reports on CRS. Northcoast Research restated a sell rating and set a $89.00 price objective on shares of Carpenter Technology in a research report on Friday, June 14th. TD Cowen boosted their price target on Carpenter Technology from $116.00 to $125.00 and gave the stock a buy rating in a report on Monday, June 10th. Finally, Benchmark reaffirmed a buy rating and set a $140.00 price objective on shares of Carpenter Technology in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $124.50.

Get Our Latest Analysis on CRS

Carpenter Technology Stock Performance

NYSE CRS opened at $102.03 on Tuesday. The business has a 50 day moving average price of $100.42 and a 200 day moving average price of $79.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. The company has a market capitalization of $5.06 billion, a P/E ratio of 38.79 and a beta of 1.47. Carpenter Technology has a 1-year low of $51.34 and a 1-year high of $112.75.

Carpenter Technology (NYSE:CRS – Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.25. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The business’s revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS. Sell-side analysts expect that Carpenter Technology will post 4.31 EPS for the current fiscal 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 given a $0.20 dividend. The ex-dividend date of this dividend was Monday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.78%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is currently 30.42%.

Insider Buying and Selling

In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction dated Tuesday, May 21st. The stock was 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 owns 84,798 shares in the company, valued at approximately $9,434,625.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Steven E. Karol sold 31,000 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following 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 Securities & Exchange Commission, which is available at this link. Also, SVP James D. Dee sold 23,518 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at approximately $9,434,625.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,678 shares of company stock worth $6,261,693. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently modified their holdings of CRS. American International Group Inc. raised its holdings in Carpenter Technology by 0.7% in the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after buying an additional 188 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Carpenter Technology by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after acquiring an additional 215 shares during the period. Range Financial Group LLC lifted its holdings in shares of Carpenter Technology by 2.5% during the 4th quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock valued at $760,000 after acquiring an additional 259 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Carpenter Technology by 1.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock worth $1,835,000 after purchasing an additional 281 shares during the period. Finally, Comerica Bank increased its holdings in Carpenter Technology by 1.2% in the 4th quarter. Comerica Bank now owns 24,931 shares of the basic materials company’s stock valued at $1,765,000 after purchasing an additional 307 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Company Profile

(Get Free Report)

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.

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