JPMorgan Chase & Co. Initiates Coverage on Carpenter Technology (NYSE:CRS)

JPMorgan Chase & Co. began coverage on shares of Carpenter Technology (NYSE:CRS) in a research note issued to investors on Friday, MarketBeat.com reports. The firm issued an overweight rating and a $220.00 target price on the basic materials company’s stock.

A number of other equities analysts have also recently weighed in on the company. Benchmark restated a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a report on Friday, October 25th. BTIG Research upped their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $153.00.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $195.23 on Friday. Carpenter Technology has a 12 month low of $58.87 and a 12 month high of $197.68. The stock’s 50-day moving average is $163.94 and its 200-day moving average is $136.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The company has a market cap of $9.73 billion, a price-to-earnings ratio of 43.48, a price-to-earnings-growth ratio of 0.97 and a beta of 1.46.

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

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is currently 17.82%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Kimelman & Baird LLC bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $33,000. nVerses Capital LLC bought a new stake in Carpenter Technology during the third quarter valued at $64,000. Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology during the third quarter worth $65,000. National Bank of Canada FI bought a new position in shares of Carpenter Technology in the 2nd quarter worth about $49,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Carpenter Technology by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after buying an additional 178 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.