Procyon Advisors LLC Makes New $230,000 Investment in Carpenter Technology Co. (NYSE:CRS)

Procyon Advisors LLC bought a new stake in Carpenter Technology Co. (NYSE:CRS) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,442 shares of the basic materials company’s stock, valued at approximately $230,000.

Several other hedge funds also recently modified their holdings of CRS. Vanguard Group Inc. raised its position in Carpenter Technology by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock valued at $406,096,000 after buying an additional 15,564 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Carpenter Technology by 129.5% in the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after purchasing an additional 479,047 shares during the last quarter. Wolf Hill Capital Management LP bought a new position in shares of Carpenter Technology during the second quarter valued at about $73,850,000. Bayberry Capital Partners LP purchased a new position in Carpenter Technology during the first quarter worth about $35,887,000. Finally, Hennessy Advisors Inc. grew its position in Carpenter Technology by 19.2% in the 1st quarter. Hennessy Advisors Inc. now owns 461,500 shares of the basic materials company’s stock worth $32,960,000 after purchasing an additional 74,400 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 2.2 %

Shares of CRS stock opened at $159.56 on Thursday. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43. The firm has a market cap of $7.92 billion, a P/E ratio of 60.67, a PEG ratio of 0.83 and a beta of 1.45. The company has a 50 day moving average of $148.14 and a 200-day moving average of $119.53. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $166.51.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The business had revenue of $798.70 million during the quarter, compared to the consensus estimate of $763.76 million. During the same period last year, the business posted $0.78 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. Sell-side analysts anticipate that Carpenter Technology Co. will post 6.63 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Analysts Set New Price Targets

Several equities analysts have commented on CRS shares. Benchmark lifted their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price target on the stock. Finally, BTIG Research upped their price objective on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology 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.