Global Retirement Partners LLC Invests $1.51 Million in Carpenter Technology Corporation $CRS

Global Retirement Partners LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,450 shares of the basic materials company’s stock, valued at approximately $1,511,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRS. Jennison Associates LLC bought a new stake in shares of Carpenter Technology in the 1st quarter worth $317,411,000. Sands Capital Management LLC acquired a new stake in Carpenter Technology in the 4th quarter valued at about $195,731,000. Norges Bank bought a new position in shares of Carpenter Technology during the 4th quarter valued at about $195,254,000. TOMS Capital Investment Management LP bought a new position in shares of Carpenter Technology during the 2nd quarter valued at about $106,683,000. Finally, UBS Group AG raised its holdings in shares of Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock worth $190,951,000 after purchasing an additional 382,865 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Down 0.7%

Shares of Carpenter Technology stock opened at $540.83 on Tuesday. The stock has a 50-day moving average price of $569.82 and a 200 day moving average price of $464.41. The company has a market cap of $26.80 billion, a P/E ratio of 51.41, a P/E/G ratio of 1.98 and a beta of 1.25. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.14. The company 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 business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.21 EPS. As a group, analysts expect that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology’s payout ratio is presently 7.60%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. TD Cowen lifted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. KeyCorp cut 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. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $577.25.

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