Paradigm Capital Management Inc. NY Acquires New Shares in Carpenter Technology Corporation $CRS

Paradigm Capital Management Inc. NY acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 15,600 shares of the basic materials company’s stock, valued at approximately $9,623,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology in the second quarter valued at about $28,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of Carpenter Technology during the second quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Carpenter Technology during the 1st quarter valued at about $30,000. SJS Investment Consulting Inc. lifted its holdings in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 36 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Carpenter Technology during the 2nd quarter valued at about $43,000. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Stock Down 3.0%

CRS stock opened at $477.50 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The stock has a market capitalization of $23.66 billion, a P/E ratio of 45.39, a P/E/G ratio of 1.77 and a beta of 1.25. The business has a 50-day moving average of $565.17 and a 200-day moving average of $470.71. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same period last year, the company earned $2.21 earnings per share. Carpenter Technology’s quarterly revenue was up 12.6% on a year-over-year basis. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is 7.60%.

Wall Street Analyst Weigh In

CRS has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. KeyCorp reduced their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, Susquehanna dropped their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology Company Profile

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.