5,402 Shares in Carpenter Technology Corporation $CRS Acquired by SCS Capital Management LLC

SCS Capital Management LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,402 shares of the basic materials company’s stock, valued at approximately $3,332,000.

Other large investors have also bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in Carpenter Technology during the 2nd quarter worth about $28,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Carpenter Technology in the 1st quarter valued at approximately $30,000. SJS Investment Consulting Inc. boosted its position in Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the last quarter. Headlands Technologies LLC acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $45,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Price Performance

NYSE:CRS opened at $543.90 on Monday. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $569.01 and a 200 day simple moving average of $463.05. The stock has a market capitalization of $26.96 billion, a PE ratio of 51.70, a P/E/G ratio of 1.98 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same period in the previous year, the company earned $2.21 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, research analysts expect that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. Carpenter Technology’s payout ratio is currently 7.60%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CRS. TD Cowen lifted their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday, July 13th. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Wells Fargo & Company raised their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. KeyCorp cut their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Finally, Susquehanna reduced their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Carpenter Technology presently has an average rating of “Buy” and a consensus price target of $577.25.

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