Canada Pension Plan Investment Board Makes New Investment in Carpenter Technology Co. (NYSE:CRS)

Canada Pension Plan Investment Board purchased a new position in Carpenter Technology Co. (NYSE:CRS) in the second quarter, HoldingsChannel reports. The institutional investor purchased 30,000 shares of the basic materials company’s stock, valued at approximately $3,287,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Intech Investment Management LLC purchased a new position in Carpenter Technology in the 2nd quarter worth approximately $552,000. XTX Topco Ltd bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $447,000. Seven Eight Capital LP lifted its holdings in shares of Carpenter Technology by 7.3% in the 2nd quarter. Seven Eight Capital LP now owns 20,253 shares of the basic materials company’s stock worth $2,219,000 after acquiring an additional 1,386 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Carpenter Technology by 25.6% in the 2nd quarter. Hsbc Holdings PLC now owns 5,532 shares of the basic materials company’s stock worth $598,000 after acquiring an additional 1,126 shares during the last quarter. Finally, L & S Advisors Inc bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $1,702,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 1.1 %

NYSE:CRS opened at $161.67 on Thursday. The company has a fifty day moving average of $140.28 and a 200 day moving average of $109.96. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $161.93. 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 capitalization of $8.08 billion, a P/E ratio of 61.47, a P/E/G ratio of 0.89 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last issued 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 for the quarter, compared to the consensus estimate of $763.76 million. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.78 EPS. On average, research analysts predict that Carpenter Technology Co. will post 6.09 earnings per share for the current 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 given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Tuesday, August 27th. Carpenter Technology’s payout ratio is currently 30.42%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective for the company. TD Cowen boosted their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Northcoast Research restated a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Benchmark upped their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, BTIG Research upped their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.60.

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.