Analysts Set Carpenter Technology Co. (NYSE:CRS) PT at $167.17

Carpenter Technology Co. (NYSE:CRS - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $167.17.

Several equities research analysts have issued reports on CRS shares. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research note on Friday, January 31st. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRS. KBC Group NV increased its stake in shares of Carpenter Technology by 10.7% in the first quarter. KBC Group NV now owns 2,096 shares of the basic materials company's stock worth $380,000 after acquiring an additional 202 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Carpenter Technology by 4.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock worth $113,114,000 after purchasing an additional 27,123 shares in the last quarter. Highland Capital Management LLC acquired a new stake in shares of Carpenter Technology during the 1st quarter valued at about $256,000. Cavalier Investments LLC lifted its holdings in shares of Carpenter Technology by 21.8% during the 1st quarter. Cavalier Investments LLC now owns 51,200 shares of the basic materials company's stock valued at $9,276,000 after buying an additional 9,164 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Carpenter Technology by 514.4% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 8,786 shares of the basic materials company's stock valued at $1,592,000 after buying an additional 7,356 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded down $2.49 during midday trading on Monday, hitting $196.91. 216,599 shares of the stock were exchanged, compared to its average volume of 748,126. Carpenter Technology has a twelve month low of $79.14 and a twelve month high of $213.66. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $183.53 and a 200-day moving average price of $181.38. The stock has a market cap of $9.84 billion, a P/E ratio of 37.17, a PEG ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. On average, research analysts forecast that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. Carpenter Technology's dividend payout ratio is currently 15.09%.

Carpenter Technology declared that its board has authorized a stock repurchase plan on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

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.