Wall Street Zen cut shares of Carpenter Technology (NYSE:CRS – Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.
CRS has been the topic of a number of other reports. Susquehanna reduced their target price 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. 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 report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, BTIG Research lifted their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology currently has a consensus rating of “Buy” and a consensus price target of $577.25.
Carpenter Technology Stock Down 3.0%
Carpenter Technology (NYSE:CRS – Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same period in the previous year, the firm posted $2.21 EPS. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. Equities analysts expect that Carpenter Technology will post 13.08 earnings per share for the current fiscal year.
Carpenter Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is 7.60%.
Hedge Funds Weigh In On Carpenter Technology
Large investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in shares of Carpenter Technology by 58,677.5% in the 2nd quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company’s stock valued at $20,906,110,000 after buying an additional 33,834,612 shares during the period. Wedmont Private Capital acquired a new position in Carpenter Technology during the 2nd quarter valued at about $297,000. HB Wealth Management LLC grew its position in Carpenter Technology by 67.9% in the 2nd quarter. HB Wealth Management LLC now owns 3,278 shares of the basic materials company’s stock worth $2,022,000 after purchasing an additional 1,326 shares during the last quarter. AlphaGrep UK Ltd acquired a new stake in shares of Carpenter Technology in the second quarter valued at approximately $356,000. Finally, MOR Wealth Management LLC bought a new stake in shares of Carpenter Technology during the second quarter valued at approximately $349,000. 92.03% of the stock is currently owned by institutional investors.
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.
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