Paradigm Capital Management Inc. NY Makes New Investment in Carpenter Technology Corporation $CRS

Paradigm Capital Management Inc. NY bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,600 shares of the basic materials company’s stock, valued at approximately $9,623,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Keating Financial Advisory Services Inc. acquired a new position in Carpenter Technology during the 2nd quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Carpenter Technology in the first quarter worth about $30,000. SJS Investment Consulting Inc. raised its stake in shares of Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $56,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. TD Cowen raised their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday, July 13th. KeyCorp reduced their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Susquehanna decreased their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research report on Friday, July 31st. Wells Fargo & Company lifted their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday. One 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. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $577.25.

Carpenter Technology Trading Down 3.0%

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

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, topping analysts’ consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company’s revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.21 earnings per share. Research analysts forecast that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

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.