Zacks Research Issues Optimistic Outlook for CRS Earnings

by · The Markets Daily

Carpenter Technology Corporation (NYSE:CRS – Free Report) – Zacks Research increased their Q4 2028 earnings per share (EPS) estimates for Carpenter Technology in a research note issued to investors on Friday, June 26th. Zacks Research analyst Team now expects that the basic materials company will earn $3.99 per share for the quarter, up from their prior estimate of $3.98. The consensus estimate for Carpenter Technology’s current full-year earnings is $10.56 per share.

Other analysts have also recently issued reports about the stock. TD Cowen upped their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Wells Fargo & Company lifted their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. KeyCorp boosted their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, BTIG Research raised their target price on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $481.75.

View Our Latest Report on Carpenter Technology

Carpenter Technology Price Performance

NYSE CRS opened at $610.03 on Thursday. The company has a 50-day moving average price of $488.92 and a 200-day moving average price of $409.55. Carpenter Technology has a 52 week low of $228.00 and a 52 week high of $624.50. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $30.31 billion, a P/E ratio of 64.21, a PEG ratio of 2.12 and a beta of 1.25.

Carpenter Technology (NYSE:CRS – Get Free Report) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The business had revenue of $655.60 million for the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $1.88 earnings per share.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is presently 8.42%.

Insiders Place Their Bets

In related news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology in the 2nd quarter valued at $28,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology during the first quarter valued at about $30,000. SJS Investment Consulting Inc. increased its holdings in shares of Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 36 shares during the last quarter. Armstrong Advisory Group Inc. increased its holdings in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 43 shares during the last quarter. Finally, Spire Wealth Management lifted its position in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after buying an additional 84 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Carpenter Technology

(Get Free Report)

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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