Creative Planning Boosts Stock Position in Carpenter Technology Co. (NYSE:CRS)

Creative Planning grew its holdings in Carpenter Technology Co. (NYSE:CRS) by 73.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,458 shares of the basic materials company’s stock after purchasing an additional 3,170 shares during the period. Creative Planning’s holdings in Carpenter Technology were worth $817,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Whittier Trust Co. purchased a new position in Carpenter Technology in the 1st quarter worth about $30,000. Westend Capital Management LLC purchased a new position in shares of Carpenter Technology during the first quarter worth approximately $36,000. National Bank of Canada FI purchased a new position in shares of Carpenter Technology during the second quarter worth approximately $49,000. EverSource Wealth Advisors LLC raised its stake in shares of Carpenter Technology by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 178 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Carpenter Technology by 469.2% in the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after purchasing an additional 685 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. BTIG Research lifted their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Northcoast Research restated a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Benchmark upped their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They set a “buy” rating and a $144.00 target price on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.60.

Carpenter Technology Trading Down 0.4 %

Shares of NYSE CRS opened at $162.00 on Friday. Carpenter Technology Co. has a 1-year low of $58.87 and a 1-year high of $166.51. The business has a fifty day moving average price of $146.77 and a 200 day moving average price of $117.37. The stock has a market capitalization of $8.09 billion, a P/E ratio of 43.78, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $763.76 million. During the same period in the prior year, the firm posted $0.78 earnings per share. The company’s quarterly revenue was up 5.4% on a year-over-year basis. Equities research analysts expect that Carpenter Technology Co. will post 6.63 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 21.62%.

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.