Carpenter Technology (CRS) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Carpenter Technology (NYSE:CRS) from a sell rating to a hold rating in a report released on Monday, April 16th.

According to Zacks, “Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials. These products have been used in planes, cars and trucks, electronic equipment, medical devices and instruments, industrial fittings, sporting goods, and oil and gas exploration and processing. Carpenter engineered materials have been used in hundreds of applications from industrial tools to jet engines to fuel injectors and medical implants. Its engineered materials are known for their dependability, strength, toughness, corrosion resistance, and the ability to stay intact in high temperatures. “

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Separately, Deutsche Bank raised their price objective on shares of Carpenter Technology from $47.00 to $49.00 and gave the stock a hold rating in a report on Wednesday, April 11th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $53.25.

Shares of NYSE:CRS opened at $50.01 on Monday. Carpenter Technology has a 12 month low of $34.95 and a 12 month high of $54.61. The company has a current ratio of 2.99, a quick ratio of 1.00 and a debt-to-equity ratio of 0.41. The firm has a market cap of $2,391.80, a P/E ratio of 24.75 and a beta of 2.02.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. Carpenter Technology had a net margin of 8.30% and a return on equity of 7.94%. The business had revenue of $487.80 million for the quarter, compared to analyst estimates of $482.20 million. During the same period last year, the business posted $0.15 earnings per share. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. research analysts predict that Carpenter Technology will post 2.32 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 7th. Shareholders of record on Tuesday, May 1st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, April 30th. This represents a $0.72 annualized dividend and a yield of 1.44%. Carpenter Technology’s payout ratio is currently 66.67%.

Hedge funds have recently modified their holdings of the business. Huntington National Bank increased its stake in Carpenter Technology by 1,902.0% in the 4th quarter. Huntington National Bank now owns 2,002 shares of the basic materials company’s stock valued at $102,000 after buying an additional 1,902 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in Carpenter Technology in the 4th quarter valued at $103,000. Ladenburg Thalmann Financial Services Inc. increased its stake in Carpenter Technology by 90.2% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,225 shares of the basic materials company’s stock valued at $154,000 after buying an additional 1,529 shares during the last quarter. ETRADE Capital Management LLC acquired a new stake in Carpenter Technology in the 4th quarter valued at $202,000. Finally, Zeke Capital Advisors LLC acquired a new stake in Carpenter Technology in the 4th quarter valued at $206,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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Carpenter Technology Company Profile

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.

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