Empowered Funds LLC Has $8.28 Million Stake in Carpenter Technology Corporation $CRS

Key Points

• Empowered Funds LLC cut its Carpenter Technology stake by 20.5% in the first quarter, selling 5,415 shares and retaining 20,994 shares valued at approximately $8.28 million. Institutional investors collectively own 92.03% of the company.
• Wall Street remains broadly bullish: analysts assign CRS a consensus “Buy” rating with an average price target of $577.25, although Susquehanna lowered its target to $600 while BTIG raised its target to $620.
• Carpenter Technology beat quarterly earnings expectations with EPS of $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.

Empowered Funds LLC reduced its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 20.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,994 shares of the basic materials company's stock after selling 5,415 shares during the quarter. Empowered Funds LLC's holdings in Carpenter Technology were worth $8,275,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Meeder Advisory Services Inc. raised its stake in shares of Carpenter Technology by 3.7% in the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock valued at $280,000 after buying an additional 32 shares in the last quarter. Abel Hall LLC boosted its position 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 acquiring an additional 32 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in Carpenter Technology by 0.3% in the fourth 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 acquiring an additional 34 shares during the period. Essential Partners LLC increased its stake in Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock valued at $149,000 after acquiring an additional 34 shares during the period. Finally, SJS Investment Consulting Inc. raised its position in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock worth $32,000 after purchasing an additional 36 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of analyst reports. Susquehanna cut their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a research note on Friday, July 31st. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Weiss Ratings cut Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. Finally, BTIG Research boosted their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $577.25.

Carpenter Technology Stock Up 1.6%

Shares of CRS opened at $543.90 on Friday. The company has a market capitalization of $26.96 billion, a P/E ratio of 51.70, a PEG ratio of 1.98 and a beta of 1.25. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The business's 50 day simple moving average is $569.01 and its 200-day simple moving average is $462.25. 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 released its quarterly earnings results 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. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. During the same period last year, the firm posted $2.21 EPS. The business's revenue was up 12.6% on a year-over-year basis. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. Carpenter Technology's dividend payout ratio (DPR) is 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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