Carpenter Technology (NYSE:CRS) Coverage Initiated at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Carpenter Technology (NYSE:CRS) in a research report sent to investors on Friday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $220.00 price objective on the basic materials company’s stock.

Other equities analysts also recently issued reports about the stock. BTIG Research increased their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Benchmark reaffirmed a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $190.89 on Friday. The firm has a market cap of $9.52 billion, a PE ratio of 42.51, a P/E/G ratio of 0.92 and a beta of 1.46. Carpenter Technology has a twelve month low of $58.87 and a twelve month high of $192.34. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average price of $161.90 and a 200 day moving average price of $134.76.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. During the same period in the previous year, the business earned $0.88 earnings per share. The business’s revenue was up 10.1% compared to the same quarter last year. Sell-side analysts predict that Carpenter Technology will post 6.61 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared 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 is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.42%. Carpenter Technology’s payout ratio is presently 17.82%.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently made changes to their positions in CRS. Strengthening Families & Communities LLC raised its position in shares of Carpenter Technology by 0.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock valued at $2,763,000 after buying an additional 100 shares during the period. CWM LLC increased its stake in Carpenter Technology by 12.6% during the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 103 shares during the last quarter. GAMMA Investing LLC raised its position in Carpenter Technology by 9.2% in the second quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock valued at $177,000 after purchasing an additional 136 shares during the period. KBC Group NV lifted its stake in shares of Carpenter Technology by 13.5% in the 3rd quarter. KBC Group NV now owns 1,355 shares of the basic materials company’s stock valued at $216,000 after purchasing an additional 161 shares during the last quarter. Finally, Arete Wealth Advisors LLC lifted its stake in shares of Carpenter Technology by 7.5% in the 3rd quarter. Arete Wealth Advisors LLC now owns 2,423 shares of the basic materials company’s stock valued at $384,000 after purchasing an additional 169 shares during the last quarter. 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.