Carpenter Technology (NYSE:CRS) Shares Gap Down - What's Next?

Carpenter Technology Co. (NYSE:CRS - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $156.76, but opened at $151.15. Carpenter Technology shares last traded at $153.33, with a volume of 265,536 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRS shares. BTIG Research upped their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a "buy" rating in a report on Tuesday, July 30th. Benchmark upped their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and an average target price of $139.60.

Carpenter Technology Trading Down 1.6 %

The business has a fifty day moving average of $149.88 and a two-hundred day moving average of $122.45. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of 57.90, a PEG ratio of 0.83 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.28. 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 analysts' expectations of $742.96 million. During the same quarter last year, the business posted $0.88 earnings per share. The business's revenue for the quarter was up 10.1% on a year-over-year basis. As a group, equities analysts expect that Carpenter Technology Co. will post 6.63 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology's payout ratio is currently 30.42%.

Institutional Trading of Carpenter Technology

Several large investors have recently modified their holdings of the business. Whittier Trust Co. purchased a new stake in Carpenter Technology in the 1st quarter valued at approximately $30,000. Kimelman & Baird LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at $33,000. National Bank of Canada FI acquired a new stake in shares of Carpenter Technology during the second quarter valued at $49,000. EverSource Wealth Advisors LLC increased its position in Carpenter Technology by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company's stock worth $53,000 after purchasing an additional 178 shares in the last quarter. Finally, Covestor Ltd raised its stake in Carpenter Technology by 469.2% in the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company's stock valued at $59,000 after purchasing an additional 685 shares during the last quarter. 92.03% of the stock is currently 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.