Simplicity Wealth LLC Purchases Shares of 1,026 Carpenter Technology Corporation $CRS

Simplicity Wealth LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, Holdings Channel reports. The firm acquired 1,026 shares of the basic materials company’s stock, valued at approximately $633,000.

A number of other hedge funds have also recently made changes to their positions in the business. State Street Corp grew its position in shares of Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after purchasing an additional 192,533 shares in the last quarter. Invesco Ltd. lifted its holdings in Carpenter Technology by 18.8% in the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after purchasing an additional 327,302 shares in the last quarter. Egerton Capital UK LLP boosted its stake in Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after purchasing an additional 178,679 shares during the period. SurgoCap Partners LP boosted its stake in Carpenter Technology by 29.5% in the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after purchasing an additional 272,896 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Carpenter Technology by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after buying an additional 78,588 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CRS shares. Wells Fargo & Company lifted their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. dropped their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Susquehanna reduced their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. Finally, Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. 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’s stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $540.83 on Tuesday. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. 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 firm has a market capitalization of $26.80 billion, a P/E ratio of 51.41, a price-to-earnings-growth ratio of 1.98 and a beta of 1.25. The company’s 50-day moving average is $569.82 and its 200 day moving average is $464.41.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.21 EPS. Research analysts forecast that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Dividend Announcement

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 issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

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.