Global Retirement Partners LLC Acquires Shares of 2,450 Carpenter Technology Corporation $CRS

Key Points

• Global Retirement Partners acquired 2,450 shares of Carpenter Technology worth approximately $1.51 million, while several other institutions also initiated positions. Institutional investors and hedge funds now own 92.03% of the company.
• Carpenter Technology reported quarterly earnings of $3.23 per share, beating estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million but fell short of analyst expectations.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $577.25. The company also declared a quarterly dividend of $0.20 per share, representing a 0.1% yield.

Global Retirement Partners LLC acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,450 shares of the basic materials company's stock, valued at approximately $1,511,000.

A number of other institutional investors also recently made changes to their positions in the business. SCS Capital Management LLC bought a new stake in shares of Carpenter Technology in the second quarter worth $3,332,000. Bank of New York Mellon Corp bought a new position in Carpenter Technology during the 2nd quarter valued at $231,252,000. Focus Partners Advisor Solutions LLC acquired a new position in Carpenter Technology during the 2nd quarter worth $3,095,000. State of Wyoming bought a new stake in shares of Carpenter Technology in the 2nd quarter worth about $907,000. Finally, Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $4,318,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Down 0.7%

Shares of Carpenter Technology stock opened at $540.83 on Tuesday. The stock has a market capitalization of $26.80 billion, a price-to-earnings ratio of 51.41, a PEG ratio of 1.98 and a beta of 1.25. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98. 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 business's 50 day simple moving average is $569.82 and its 200-day simple moving average is $464.41.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $863.33 million. During the same period last year, the company earned $2.21 earnings per share. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. Equities research analysts forecast that Carpenter Technology Corporation will post 12.92 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders 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 annualized dividend and a dividend yield of 0.1%. Carpenter Technology's dividend payout ratio (DPR) is presently 7.60%.

Analysts Set New Price Targets

Several analysts recently weighed in on CRS shares. Wells Fargo & Company boosted their price objective on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a report on Tuesday, August 4th. BTIG Research upped their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Susquehanna reduced their price objective 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. Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. Finally, Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Carpenter Technology currently has a consensus rating of "Buy" and an average price target of $577.25.

Carpenter Technology Company Profile

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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