Point72 Asset Management L.P. Makes New $3.89 Million Investment in Carpenter Technology Co. (NYSE:CRS)

Point72 Asset Management L.P. acquired a new position in Carpenter Technology Co. (NYSE:CRS) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 35,480 shares of the basic materials company’s stock, valued at approximately $3,888,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. CWM LLC lifted its holdings in Carpenter Technology by 12.6% in the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company’s stock worth $101,000 after buying an additional 103 shares during the period. GAMMA Investing LLC lifted its holdings in Carpenter Technology by 9.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after buying an additional 136 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Carpenter Technology by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after buying an additional 178 shares during the period. American International Group Inc. lifted its holdings in Carpenter Technology by 0.7% in the 4th quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock worth $1,887,000 after buying an additional 188 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Carpenter Technology by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock worth $825,000 after buying an additional 215 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CRS. Benchmark raised their target price on Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a research note on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price for the company. BTIG Research raised their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Northcoast Research restated a “sell” rating and issued a $89.00 target price on shares of Carpenter Technology in a research note on Friday, June 14th. Finally, TD Cowen raised their target price on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Stock Down 0.1 %

Shares of NYSE:CRS opened at $157.81 on Thursday. The stock has a fifty day simple moving average of $143.27 and a two-hundred day simple moving average of $112.88. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of 60.00, a PEG ratio of 0.89 and a beta of 1.45. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $166.51. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. The business had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.78 earnings per share. On average, research analysts anticipate that Carpenter Technology Co. will post 6.09 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

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.