Carpenter Technology (NYSE:CRS) Trading 3.4% Higher - Here's What Happened

Shares of Carpenter Technology Co. (NYSE:CRS - Get Free Report) shot up 3.4% during trading on Wednesday . The company traded as high as $161.70 and last traded at $161.21. 142,168 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 579,560 shares. The stock had previously closed at $155.91.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of analyst reports. BTIG Research increased their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a "buy" rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They set a "buy" rating and a $144.00 price target on the stock. Finally, Benchmark boosted their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a "buy" rating in a research report 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.com, the stock has an average rating of "Moderate Buy" and an average target price of $139.60.

Carpenter Technology Stock Performance

The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of 59.24, a PEG ratio of 0.83 and a beta of 1.45. The stock's 50-day moving average is $149.61 and its 200-day moving average is $122.21.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.31. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The company had revenue of $798.70 million for the quarter, compared to the consensus estimate of $763.76 million. During the same quarter last year, the business posted $0.78 EPS. Carpenter Technology's revenue for the quarter was up 5.4% on a year-over-year basis. On average, analysts predict that Carpenter Technology Co. will post 6.63 EPS 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. Investors of record on Tuesday, October 22nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a yield of 0.51%. Carpenter Technology's dividend payout ratio is presently 30.42%.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kimelman & Baird LLC bought a new stake in shares of Carpenter Technology in the second quarter worth $33,000. nVerses Capital LLC bought a new stake in shares of Carpenter Technology in the 3rd quarter valued at about $64,000. Whittier Trust Co. acquired a new stake in shares of Carpenter Technology in the first quarter valued at about $30,000. National Bank of Canada FI bought a new position in shares of Carpenter Technology during the second quarter worth about $49,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Carpenter Technology by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company's stock worth $53,000 after acquiring an additional 178 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.