Kimelman & Baird LLC Acquires Shares of 300 Carpenter Technology Co. (NYSE:CRS)

Kimelman & Baird LLC bought a new position in shares of Carpenter Technology Co. (NYSE:CRS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 300 shares of the basic materials company’s stock, valued at approximately $33,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CRS. Vanguard Group Inc. lifted its stake in Carpenter Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after acquiring an additional 15,564 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Carpenter Technology by 129.5% during the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after purchasing an additional 479,047 shares in the last quarter. Hawk Ridge Capital Management LP increased its holdings in Carpenter Technology by 199.1% during the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after buying an additional 458,227 shares during the period. Finally, Wolf Hill Capital Management LP bought a new position in Carpenter Technology in the second quarter worth approximately $73,850,000. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CRS shares. BTIG Research upped their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Benchmark raised their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. Northcoast Research reiterated a “sell” rating and set a $89.00 price objective on shares of Carpenter Technology in a research note on Friday, June 14th. TD Cowen raised their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Carpenter Technology in a research report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Stock Performance

Shares of CRS opened at $157.85 on Wednesday. The stock has a 50-day moving average of $142.61 and a two-hundred day moving average of $112.23. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41. The stock has a market cap of $7.83 billion, a P/E ratio of 60.02, a P/E/G ratio of 0.89 and a beta of 1.45. Carpenter Technology Co. has a one year low of $58.87 and a one year high of $166.51.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. During the same quarter in the prior year, the firm earned $0.78 earnings per share. Carpenter Technology’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, research analysts predict that Carpenter Technology Co. will post 6.09 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 27th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. Carpenter Technology’s dividend payout ratio is presently 30.42%.

About Carpenter Technology

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.