Great Lakes Advisors LLC Purchases Shares of 10,224 Carpenter Technology Corporation $CRS

Great Lakes Advisors LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 10,224 shares of the basic materials company’s stock, valued at approximately $6,307,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Covestor Ltd grew its stake in shares of Carpenter Technology by 334.3% during the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after acquiring an additional 2,688 shares in the last quarter. Peregrine Asset Advisers Inc. bought a new stake in shares of Carpenter Technology in the fourth quarter worth $4,062,000. SteelPeak Wealth LLC bought a new stake in shares of Carpenter Technology in the first quarter worth $2,593,000. Brookstone Capital Management acquired a new position in Carpenter Technology during the first quarter worth $2,876,000. Finally, Focus Partners Advisor Solutions LLC acquired a new position in Carpenter Technology during the second quarter worth $3,095,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Down 4.3%

Shares of CRS stock opened at $509.03 on Thursday. 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 is $569.66 and its 200-day moving average is $467.22. The stock has a market cap of $25.23 billion, a price-to-earnings ratio of 48.39, a PEG ratio of 1.93 and a beta of 1.25. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same period last year, the business posted $2.21 EPS. Carpenter Technology’s revenue was up 12.6% on a year-over-year basis. Sell-side analysts predict that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given 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 presently 7.60%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CRS. Susquehanna decreased their target price 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. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. BTIG Research increased their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. TD Cowen raised their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, KeyCorp lowered their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average 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.