Dearborn Partners LLC Buys New Shares in Carpenter Technology Corporation $CRS

Key Points

• Dearborn Partners initiated a position in Carpenter Technology by purchasing 3,550 shares valued at approximately $1.4 million. Institutional investors and hedge funds collectively own 92.03% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $577.25, despite some recent target-price cuts and one downgrade to “Hold.”
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus the $3.09 consensus, while revenue rose 12.6% year over year to $679.7 million. The company also declared a quarterly dividend of $0.20 per share.

Dearborn Partners LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,550 shares of the basic materials company's stock, valued at approximately $1,399,000.

Other large investors have also recently bought and sold shares of the company. Covestor Ltd raised its position in Carpenter Technology by 334.3% during the fourth quarter. Covestor Ltd now owns 3,492 shares of the basic materials company's stock worth $1,099,000 after acquiring an additional 2,688 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new stake in Carpenter Technology in the second quarter valued at $3,095,000. Peregrine Asset Advisers Inc. bought a new position in shares of Carpenter Technology in the 4th quarter valued at about $4,062,000. SteelPeak Wealth LLC bought a new position in shares of Carpenter Technology in the 1st quarter valued at about $2,593,000. Finally, Brookstone Capital Management bought a new position in shares of Carpenter Technology in the 1st quarter valued at about $2,876,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Wall Street Zen cut Carpenter Technology from a "buy" rating to a "hold" rating in a report on Saturday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. BTIG Research upped their price objective on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, KeyCorp cut their price objective on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $577.25.

Carpenter Technology Price Performance

NYSE:CRS opened at $477.50 on Tuesday. The company has a market cap of $23.66 billion, a P/E ratio of 45.39, a P/E/G ratio of 1.77 and a beta of 1.25. The firm's fifty day moving average price is $565.17 and its two-hundred day moving average price is $470.71. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) 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 company had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. During the same quarter last year, the company posted $2.21 EPS. Carpenter Technology's quarterly revenue was up 12.6% compared to the same quarter last year. Equities analysts expect that Carpenter Technology Corporation will post 13.08 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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