Carpenter Technology (NYSE:CRS) Shares Gap Down - Here's What Happened

Shares of Carpenter Technology Co. (NYSE:CRS - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $209.11, but opened at $195.00. Carpenter Technology shares last traded at $197.54, with a volume of 120,804 shares changing hands.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of analyst reports. Benchmark reiterated a "buy" rating and issued a $175.00 price objective on shares of Carpenter Technology in a research report on Friday, October 25th. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Monday, January 27th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $155.50.

Carpenter Technology Trading Down 1.2 %

The firm has a market cap of $9.53 billion, a price-to-earnings ratio of 35.99, a price-to-earnings-growth ratio of 0.92 and a beta of 1.54. The company's 50-day moving average price is $187.81 and its 200-day moving average price is $164.26. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. Equities analysts expect that Carpenter Technology Co. will post 6.74 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 28th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Tuesday, January 28th. Carpenter Technology's dividend payout ratio is currently 15.09%.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB raised its position in shares of Carpenter Technology by 17.0% in the fourth quarter. Handelsbanken Fonder AB now owns 12,400 shares of the basic materials company's stock valued at $2,104,000 after buying an additional 1,800 shares during the last quarter. Ieq Capital LLC grew its stake in Carpenter Technology by 105.0% during the 4th quarter. Ieq Capital LLC now owns 2,761 shares of the basic materials company's stock valued at $469,000 after acquiring an additional 1,414 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in Carpenter Technology in the 4th quarter valued at about $25,000. CIBC Asset Management Inc lifted its stake in Carpenter Technology by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock worth $258,000 after purchasing an additional 78 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Carpenter Technology during the 4th quarter worth approximately $193,000. Institutional investors and hedge funds own 92.03% of the company's stock.

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.