King Luther Capital Management Corp Acquires Shares of 2,550 Carpenter Technology Co. (NYSE:CRS)

King Luther Capital Management Corp bought a new position in Carpenter Technology Co. (NYSE:CRS) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,550 shares of the basic materials company’s stock, valued at approximately $279,000.

Several other institutional investors also recently modified their holdings of CRS. Canada Pension Plan Investment Board bought a new position in Carpenter Technology during the second quarter valued at about $3,287,000. Intech Investment Management LLC bought a new position in shares of Carpenter Technology during the 2nd quarter valued at approximately $552,000. XTX Topco Ltd purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $447,000. Seven Eight Capital LP raised its holdings in shares of Carpenter Technology by 7.3% in the 2nd quarter. Seven Eight Capital LP now owns 20,253 shares of the basic materials company’s stock worth $2,219,000 after purchasing an additional 1,386 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in Carpenter Technology by 25.6% during the second quarter. Hsbc Holdings PLC now owns 5,532 shares of the basic materials company’s stock valued at $598,000 after purchasing an additional 1,126 shares during the period. 92.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on CRS shares. Northcoast Research reaffirmed a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a research report on Friday, June 14th. BTIG Research increased their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target on the stock. Benchmark raised their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, TD Cowen boosted their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.60.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $157.83 on Tuesday. The business has a 50-day simple moving average of $138.66 and a 200 day simple moving average of $108.94. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $160.17. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of 60.01, a PEG ratio of 0.77 and a beta of 1.45. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43.

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

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 27th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend was Tuesday, August 27th. 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.