Dearborn Partners LLC Makes New $1.40 Million Investment in Carpenter Technology Corporation $CRS

Dearborn Partners LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the second quarter, Holdings Channel reports. The fund bought 3,550 shares of the basic materials company’s stock, valued at approximately $1,399,000.

A number of other institutional investors also recently modified their holdings of the business. Keating Financial Advisory Services Inc. acquired a new position in shares of Carpenter Technology in the second quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in Carpenter Technology during the first quarter worth about $30,000. SJS Investment Consulting Inc. raised its stake in Carpenter Technology by 81.8% in 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 in the last quarter. Persistent Asset Partners Ltd acquired a new stake in Carpenter Technology in the 2nd quarter worth about $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Carpenter Technology in the 2nd quarter valued at about $56,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $477.50 on Tuesday. The firm has a 50 day moving average of $565.17 and a 200-day moving average of $470.71. The stock has a market capitalization of $23.66 billion, a PE ratio of 45.39, a PEG ratio of 1.77 and a beta of 1.25. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results 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. The business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter last year, the business posted $2.21 EPS. On average, equities research analysts predict that Carpenter Technology Corporation will post 13.08 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. Shareholders of record on Tuesday, August 25th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is currently 7.60%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CRS shares. 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. Susquehanna dropped 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 report on Friday, July 31st. KeyCorp cut their price target 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. TD Cowen increased their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Finally, Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price 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.