Carpenter Technology (NYSE:CRS) Price Target Raised to $48.00

Carpenter Technology (NYSE:CRSGet Rating) had its target price upped by Benchmark from $43.00 to $48.00 in a research report sent to investors on Wednesday morning, The Fly reports.

A number of other research analysts have also recently commented on CRS. JPMorgan Chase & Co. upgraded Carpenter Technology from a neutral rating to an overweight rating and increased their price target for the company from $52.00 to $53.00 in a research note on Friday, February 11th. StockNews.com assumed coverage on shares of Carpenter Technology in a report on Thursday, March 31st. They issued a sell rating for the company.

CRS stock opened at $40.42 on Wednesday. The stock has a market capitalization of $1.95 billion, a P/E ratio of -13.75 and a beta of 1.78. The company has a current ratio of 3.55, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. Carpenter Technology has a 12 month low of $26.84 and a 12 month high of $49.20. The firm has a 50-day moving average price of $39.41 and a 200-day moving average price of $34.08.

Carpenter Technology (NYSE:CRSGet Rating) last posted its earnings results on Wednesday, February 2nd. The basic materials company reported ($0.58) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.05. Carpenter Technology had a negative net margin of 9.11% and a negative return on equity of 5.96%. The firm had revenue of $396.00 million during the quarter, compared to analysts’ expectations of $348.33 million. During the same quarter in the prior year, the business earned ($0.61) earnings per share. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. As a group, equities analysts predict that Carpenter Technology will post -0.99 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 2nd. Stockholders of record on Tuesday, May 3rd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Monday, May 2nd. Carpenter Technology’s dividend payout ratio (DPR) is presently -27.21%.

A number of hedge funds have recently added to or reduced their stakes in CRS. JB Capital LLC grew its holdings in Carpenter Technology by 53.7% during the 4th quarter. JB Capital LLC now owns 12,733 shares of the basic materials company’s stock worth $372,000 after acquiring an additional 4,447 shares during the period. Maryland State Retirement & Pension System acquired a new stake in Carpenter Technology during the third quarter worth approximately $639,000. Goldman Sachs Group Inc. grew its stake in Carpenter Technology by 109.1% during the third quarter. Goldman Sachs Group Inc. now owns 219,473 shares of the basic materials company’s stock worth $7,185,000 after purchasing an additional 114,498 shares during the period. RMB Capital Management LLC increased its holdings in Carpenter Technology by 3.2% in the fourth quarter. RMB Capital Management LLC now owns 279,969 shares of the basic materials company’s stock worth $8,172,000 after purchasing an additional 8,784 shares in the last quarter. Finally, Duality Advisers LP increased its holdings in Carpenter Technology by 8.2% in the third quarter. Duality Advisers LP now owns 34,198 shares of the basic materials company’s stock worth $1,120,000 after purchasing an additional 2,606 shares in the last quarter. Institutional investors and hedge funds own 89.94% of the company’s stock.

Carpenter Technology Company Profile (Get Rating)

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through 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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