Allworth Financial LP Makes New Investment in Carpenter Technology Corporation $CRS

Key Points

• Allworth Financial initiated a position in Carpenter Technology, purchasing 8,640 shares valued at approximately $5.33 million. Several other institutional investors also added new stakes, with institutions collectively owning 92.03% of the company.
• Wall Street remains bullish, with a consensus “Buy” rating and an average price target of $577.25, despite several analysts recently lowering their targets.
• Carpenter Technology reported quarterly EPS of $3.23, surpassing estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. The company also declared a quarterly dividend of $0.20 per share, representing a 0.2% annual yield.

Allworth Financial LP bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 8,640 shares of the basic materials company's stock, valued at approximately $5,329,000.

Other large investors have also recently modified their holdings of the company. Greenspring Advisors LLC purchased a new position in shares of Carpenter Technology during the second quarter valued at about $271,000. Silvant Capital Management LLC purchased a new stake in Carpenter Technology in the second quarter worth about $5,001,000. Vise Technologies Inc. purchased a new stake in Carpenter Technology in the second quarter worth about $1,216,000. Lisanti Capital Growth LLC bought a new stake in Carpenter Technology during the 2nd quarter valued at approximately $7,195,000. Finally, AssuredPartners Investment Advisors LLC bought a new stake in Carpenter Technology during the 2nd quarter valued at approximately $347,000. Institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of research analyst reports. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a report on Friday, July 31st. TD Cowen lifted their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research report on Monday, July 13th. JPMorgan Chase & Co. reduced their price target on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. KeyCorp reduced their price target on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. Finally, Weiss Ratings downgraded 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 given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $577.25.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $489.66 on Friday. The company has a 50 day simple moving average of $568.19 and a two-hundred day simple moving average of $468.44. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a market capitalization of $24.27 billion, a price-to-earnings ratio of 46.55, a P/E/G ratio of 1.85 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm's quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.21 earnings per share. Analysts expect that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. 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 (DPR) is currently 7.60%.

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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