Diversify Advisory Services LLC Invests $4.71 Million in Carpenter Technology Corporation $CRS

Diversify Advisory Services LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,125 shares of the basic materials company’s stock, valued at approximately $4,715,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology during the first quarter worth approximately $30,000. SJS Investment Consulting Inc. grew its position 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 valued at $32,000 after buying an additional 36 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in Carpenter Technology in the 2nd quarter valued at $55,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Carpenter Technology in the 2nd quarter valued at $56,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in Carpenter Technology by 1,228.6% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 93 shares of the basic materials company’s stock valued at $57,000 after buying an additional 86 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

NYSE CRS opened at $531.25 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company has a market capitalization of $26.33 billion, a P/E ratio of 50.50, a PEG ratio of 1.98 and a beta of 1.25. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The business has a 50 day moving average price of $569.98 and a 200 day moving average price of $465.82.

Carpenter Technology (NYSE:CRS) last released 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. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same quarter in the previous year, the company posted $2.21 EPS. The business’s revenue was up 12.6% on a year-over-year basis. Sell-side analysts expect that Carpenter Technology Corporation will post 12.92 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 given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is presently 7.60%.

Analysts Set New Price Targets

CRS has been the subject of a number of recent analyst reports. Susquehanna reduced 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. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. TD Cowen raised their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday, July 13th. KeyCorp decreased their price target on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $577.25.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.