Great Lakes Advisors LLC Purchases New Stake in Carpenter Technology Corporation $CRS

Key Points

• Great Lakes Advisors acquired 10,224 shares of Carpenter Technology worth approximately $6.3 million in the second quarter. Institutional investors and hedge funds collectively own 92.03% of the company.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. Shares were trading down 4.3% at $509.03, below their 50-day average but well above the 200-day average.
• Analysts maintain a consensus “Buy” rating with an average price target of $577.25, while the company declared a quarterly dividend of $0.20 per share, representing a 0.2% yield.

Great Lakes Advisors LLC acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,224 shares of the basic materials company's stock, valued at approximately $6,307,000.

A number of other large investors also recently added to or reduced their stakes in CRS. Woodline Partners LP bought a new stake in shares of Carpenter Technology during the first quarter worth approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Carpenter Technology by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after acquiring an additional 1,701 shares during the last quarter. Focus Partners Wealth boosted its stake in Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock valued at $836,000 after acquiring an additional 314 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Carpenter Technology during the 2nd quarter worth $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carpenter Technology during the 2nd quarter worth $533,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 4.3%

Shares of NYSE CRS opened at $509.03 on Thursday. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98. The stock has a market cap of $25.23 billion, a price-to-earnings ratio of 48.39, a P/E/G ratio of 1.93 and a beta of 1.25. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The company's fifty day moving average is $569.66 and its 200-day moving average is $467.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. The business had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm's revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.21 EPS. Equities research analysts predict that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology's dividend payout ratio is 7.60%.

Analyst Ratings Changes

CRS has been the topic of a number of analyst reports. TD Cowen increased their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research note on Monday, July 13th. JPMorgan Chase & Co. decreased their price objective on Carpenter Technology from $705.00 to $700.00 and set an "overweight" 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 report on Wednesday, July 15th. BTIG Research upped their price objective on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a report on Friday, July 31st. Finally, Wells Fargo & Company increased their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 4th. One 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 stock. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of "Buy" and an average target price of $577.25.

Carpenter Technology 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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