Algert Global LLC Raises Stock Holdings in Carpenter Technology Corporation $CRS

Key Points

• Algert Global increased its Carpenter Technology stake by 31.1% in the second quarter, holding 52,451 shares worth approximately $32.4 million. Institutional investors collectively own 92.03% of the company.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding analyst expectations of $3.09, while revenue rose 12.6% year over year to $679.7 million, below the $863.3 million consensus estimate.
• The company declared a quarterly dividend of $0.20 per share, equivalent to $0.80 annually and a 0.2% yield. Analysts maintain an overall “Buy” rating with an average price target of $577.25.

Algert Global LLC boosted its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 31.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,451 shares of the basic materials company's stock after buying an additional 12,444 shares during the quarter. Carpenter Technology makes up about 0.4% of Algert Global LLC's holdings, making the stock its 16th biggest holding. Algert Global LLC owned about 0.11% of Carpenter Technology worth $32,354,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ames National Corp purchased a new position in shares of Carpenter Technology in the second quarter valued at about $247,000. Gallo Partners LP bought a new position in shares of Carpenter Technology during the second quarter valued at about $481,000. Investor s Fiduciary Advisor Network LLC purchased a new stake in shares of Carpenter Technology during the second quarter worth about $257,000. Cibc World Market Inc. purchased a new stake in shares of Carpenter Technology during the second quarter worth about $7,603,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Carpenter Technology in the second quarter worth about $2,978,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $477.50 on Tuesday. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The stock has a market cap of $23.66 billion, a PE ratio of 45.39, a price-to-earnings-growth ratio of 1.77 and a beta of 1.25. 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 company's fifty day moving average price is $565.17 and its 200-day moving average price is $470.71.

Carpenter Technology (NYSE:CRS - Get Free Report) last released 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 firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same period in the prior year, the firm earned $2.21 EPS. The company's revenue was up 12.6% compared to the same quarter last year. On average, equities analysts expect that Carpenter Technology Corporation will post 13.08 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen cut Carpenter Technology from a "buy" rating to a "hold" rating in a report on Saturday. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company upped their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. One investment 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price 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.

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