Diversify Advisory Services LLC Takes $4.71 Million Position in Carpenter Technology Corporation $CRS

Diversify Advisory Services LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,125 shares of the basic materials company’s stock, valued at approximately $4,715,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $28,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $30,000. SJS Investment Consulting Inc. lifted its position in shares of Carpenter Technology by 81.8% during the 1st 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 during the last quarter. Headlands Technologies LLC acquired a new position in shares of Carpenter Technology during the second quarter worth $43,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Carpenter Technology during the second quarter worth $45,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CRS shares. JPMorgan Chase & Co. cut their price target on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company upped their price objective on Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, KeyCorp decreased their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $577.25.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $531.25 on Wednesday. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The firm has a market capitalization of $26.33 billion, a P/E ratio of 50.50, a P/E/G ratio of 1.98 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company’s fifty day moving average price is $569.98 and its 200 day moving average price is $465.82.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) 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 company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter last year, the company posted $2.21 earnings per share. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 12.92 earnings per share for the current fiscal 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 given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

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.