Handelsbanken Fonder AB Purchases 3,040 Shares of Carpenter Technology Corporation $CRS

Handelsbanken Fonder AB grew its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 21.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,240 shares of the basic materials company’s stock after purchasing an additional 3,040 shares during the quarter. Handelsbanken Fonder AB’s holdings in Carpenter Technology were worth $10,634,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CRS. Whittier Trust Co. of Nevada Inc. acquired a new position in Carpenter Technology in the 1st quarter valued at approximately $30,000. SJS Investment Consulting Inc. grew 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 purchasing an additional 36 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Carpenter Technology by 1,228.6% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 93 shares of the basic materials company’s stock worth $57,000 after purchasing an additional 86 shares during the last quarter. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology in the second quarter valued at $28,000. Finally, Hollencrest Capital Management acquired a new stake in Carpenter Technology in the first quarter valued at $52,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 1.2%

Carpenter Technology stock opened at $535.17 on Friday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The firm’s fifty day moving average is $567.80 and its 200 day moving average is $461.68. The company has a market capitalization of $26.59 billion, a PE ratio of 50.87, a PEG ratio of 1.92 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last posted its quarterly 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. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. During the same period last year, the company posted $2.21 earnings per share. The business’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology’s dividend payout ratio is presently 7.60%.

Analyst Upgrades and Downgrades

CRS has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. TD Cowen raised their price objective on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. KeyCorp cut their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Susquehanna decreased their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Finally, Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average 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.