SCS Capital Management LLC Invests $3.33 Million in Carpenter Technology Corporation $CRS

SCS Capital Management LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,402 shares of the basic materials company’s stock, valued at approximately $3,332,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Geneos Wealth Management Inc. bought a new position in Carpenter Technology in the 2nd quarter valued at $28,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Carpenter Technology in the first quarter worth $30,000. SJS Investment Consulting Inc. grew its holdings in shares of Carpenter Technology by 81.8% during the first 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 bought a new stake in shares of Carpenter Technology during the second quarter worth $43,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Carpenter Technology in the second quarter valued at $45,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of CRS stock opened at $543.90 on Monday. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The stock has a market cap of $26.96 billion, a PE ratio of 51.70, a PEG ratio of 1.98 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The firm’s 50 day moving average price is $569.01 and its two-hundred day moving average price is $463.05.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million during 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 business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.21 EPS. As a group, analysts forecast that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced 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 of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology’s dividend payout ratio is presently 7.60%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRS shares. BTIG Research upped their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. KeyCorp decreased their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Susquehanna dropped their price objective 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. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus 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.