Chase Investment Counsel Corp Takes Position in Carpenter Technology Corporation $CRS

Key Points

• Chase Investment Counsel acquired 26,168 shares of Carpenter Technology worth approximately $16.1 million, making CRS its sixth-largest holding and representing 3.4% of its portfolio.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $577.25, although targets ranged from $600 to $700 after mixed revisions.
• Carpenter Technology beat quarterly EPS expectations with $3.23 per share versus $3.09 forecast, while revenue rose 12.6% year over year. The company also declared a quarterly dividend of $0.20 per share.

Chase Investment Counsel Corp purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 26,168 shares of the basic materials company's stock, valued at approximately $16,141,000. Carpenter Technology comprises 3.4% of Chase Investment Counsel Corp's holdings, making the stock its 6th largest position. Chase Investment Counsel Corp owned approximately 0.05% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of CRS. Wealthcare Advisory Partners LLC increased its position in Carpenter Technology by 1.7% during the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock valued at $708,000 after acquiring an additional 19 shares during the last quarter. Meeder Advisory Services Inc. boosted its position in Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock worth $280,000 after purchasing an additional 32 shares during the last quarter. Abel Hall LLC grew its stake in shares of Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock valued at $321,000 after purchasing an additional 32 shares during the period. Northwestern Mutual Investment Management Company LLC grew its stake in shares of Carpenter Technology by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock valued at $3,509,000 after purchasing an additional 34 shares during the period. Finally, Essential Partners LLC grew its stake in shares of Carpenter Technology by 9.9% during the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock valued at $149,000 after purchasing an additional 34 shares during the period. Institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

CRS has been the topic of several recent research reports. Susquehanna lowered their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. Weiss Ratings downgraded shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. BTIG Research increased their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $577.25.

Carpenter Technology Stock Performance

Shares of CRS opened at $543.90 on Monday. The business has a 50-day simple moving average of $569.01 and a two-hundred day simple moving average of $463.05. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The stock has a market cap of $26.96 billion, a price-to-earnings ratio of 51.70, a PEG ratio of 1.98 and a beta of 1.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million for 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 business's quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.21 EPS. On average, analysts expect that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced 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. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology's dividend payout ratio (DPR) is presently 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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