Carpenter Technology (NYSE:CRS) Hits New 12-Month High - Here's What Happened

Shares of Carpenter Technology Co. (NYSE:CRS - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $166.67 and last traded at $166.04, with a volume of 969312 shares trading hands. The stock had previously closed at $155.47.

Analyst Ratings Changes

CRS has been the topic of a number of analyst reports. Benchmark reiterated a "buy" rating and set a $175.00 price objective on shares of Carpenter Technology in a research note on Friday. BTIG Research upped their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a "buy" rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $139.60.

Carpenter Technology Stock Up 6.9 %

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41. The stock's fifty day simple moving average is $150.28 and its two-hundred day simple moving average is $123.82. The stock has a market capitalization of $8.25 billion, a P/E ratio of 59.11, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.15. 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 during the quarter, compared to the consensus estimate of $742.96 million. During the same period in the prior year, the business posted $0.88 earnings per share. Carpenter Technology's quarterly revenue was up 10.1% on a year-over-year basis. As a group, research analysts expect that Carpenter Technology Co. will post 6.63 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed 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. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC increased its stake in Carpenter Technology by 13.2% in the first quarter. First Eagle Investment Management LLC now owns 149,354 shares of the basic materials company's stock valued at $10,667,000 after purchasing an additional 17,400 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Carpenter Technology during the 1st quarter worth approximately $4,199,000. Comerica Bank boosted its holdings in Carpenter Technology by 170.3% in the first quarter. Comerica Bank now owns 67,380 shares of the basic materials company's stock worth $4,812,000 after acquiring an additional 42,449 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Carpenter Technology in the first quarter valued at approximately $1,347,000. Finally, Moody National Bank Trust Division bought a new stake in shares of Carpenter Technology during the second quarter valued at approximately $1,208,000. Institutional investors and hedge funds own 92.03% of the company's stock.

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.

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