Oppenheimer Asset Management Inc. Takes $203,000 Position in Carpenter Technology Co. (NYSE:CRS)

Oppenheimer Asset Management Inc. bought a new position in shares of Carpenter Technology Co. (NYSE:CRS) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,851 shares of the basic materials company’s stock, valued at approximately $203,000.

Several other hedge funds have also recently bought and sold shares of the business. Cape Investment Advisory Inc. acquired a new position in shares of Carpenter Technology during the fourth quarter worth about $29,000. Whittier Trust Co. acquired a new position in Carpenter Technology during the 1st quarter worth approximately $30,000. Johnson Financial Group Inc. purchased a new position in Carpenter Technology in the 4th quarter worth approximately $31,000. National Bank of Canada FI acquired a new stake in Carpenter Technology in the second quarter valued at approximately $49,000. Finally, Westend Capital Management LLC purchased a new stake in shares of Carpenter Technology during the first quarter valued at approximately $36,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Benchmark upped their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, July 26th. TD Cowen lifted their target price on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. BTIG Research increased their price target on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Northcoast Research restated a “sell” rating and set a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Carpenter Technology in a research note on Tuesday, June 25th. They set a “buy” rating and a $144.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus target price of $139.60.

Carpenter Technology Trading Up 1.1 %

Shares of NYSE CRS opened at $156.65 on Monday. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average price is $137.83 and its two-hundred day moving average price is $108.31. Carpenter Technology Co. has a 52-week low of $58.87 and a 52-week high of $157.49. The stock has a market capitalization of $7.77 billion, a P/E ratio of 59.56, a PEG ratio of 0.77 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.31. The firm had revenue of $798.70 million for the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the business posted $0.78 earnings per share. On average, analysts anticipate that Carpenter Technology Co. will post 6.06 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 27th were issued a $0.20 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. Carpenter Technology’s dividend payout ratio is currently 30.42%.

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.