Advisor Resource Council Acquires New Position in Carpenter Technology Co. (NYSE:CRS)

Advisor Resource Council bought a new position in Carpenter Technology Co. (NYSE:CRS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,041 shares of the basic materials company’s stock, valued at approximately $326,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. bought a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $30,000. Kimelman & Baird LLC bought a new stake in Carpenter Technology in the second quarter valued at $33,000. National Bank of Canada FI acquired a new position in shares of Carpenter Technology during the second quarter valued at $49,000. EverSource Wealth Advisors LLC grew its position in shares of Carpenter Technology by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 178 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of Carpenter Technology by 469.2% during the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock worth $59,000 after acquiring an additional 685 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRS. BTIG Research boosted their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Benchmark reiterated a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.60.

Carpenter Technology Stock Down 1.8 %

CRS stock opened at $174.88 on Friday. The firm’s 50-day moving average is $153.72 and its two-hundred day moving average is $128.46. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of 38.95, a price-to-earnings-growth ratio of 0.78 and a beta of 1.46. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $179.18. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The firm had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same period in the prior year, the firm posted $0.88 earnings per share. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, analysts forecast that Carpenter Technology Co. will post 6.68 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s payout ratio is 17.82%.

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.