Main Street Financial Solutions LLC Purchases New Shares in Carpenter Technology Co. (NYSE:CRS)

Main Street Financial Solutions LLC acquired a new position in shares of Carpenter Technology Co. (NYSE:CRS) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,408 shares of the basic materials company’s stock, valued at approximately $225,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Comerica Bank lifted its stake in Carpenter Technology by 170.3% in the 1st quarter. Comerica Bank now owns 67,380 shares of the basic materials company’s stock worth $4,812,000 after purchasing an additional 42,449 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Carpenter Technology during the first quarter worth $1,347,000. Moody National Bank Trust Division purchased a new stake in Carpenter Technology in the second quarter valued at $1,208,000. Blair William & Co. IL acquired a new position in shares of Carpenter Technology in the 1st quarter valued at $307,000. Finally, Vanguard Group Inc. grew its holdings in shares of Carpenter Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after purchasing an additional 15,564 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Up 2.0 %

Shares of NYSE:CRS opened at $175.44 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The firm has a market capitalization of $8.75 billion, a PE ratio of 39.07, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. The firm’s 50-day moving average is $158.32 and its two-hundred day moving average is $132.41. Carpenter Technology Co. has a 1 year low of $58.87 and a 1 year high of $182.52.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The firm had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. During the same period in the previous year, the firm posted $0.88 EPS. Carpenter Technology’s revenue for the quarter was up 10.1% on a year-over-year basis. Analysts predict that Carpenter Technology Co. will post 6.68 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CRS shares. Benchmark reaffirmed a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. BTIG Research increased their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $139.60.

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.