Beaconlight Capital LLC Acquires New Stake in Carpenter Technology Corporation $CRS

Beaconlight Capital LLC acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 25,445 shares of the basic materials company’s stock, valued at approximately $8,011,000. Carpenter Technology makes up 4.7% of Beaconlight Capital LLC’s holdings, making the stock its 7th largest holding.

Other large investors also recently added to or reduced their stakes in the company. Ion Asset Management Ltd. bought a new stake in Carpenter Technology during the third quarter valued at $4,027,000. American Century Companies Inc. boosted its stake in Carpenter Technology by 4.0% during the third quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after buying an additional 18,201 shares during the period. Kinetic Partners Management LP boosted its stake in Carpenter Technology by 15.5% during the third quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after buying an additional 51,800 shares during the period. Bright Futures Wealth Management LLC. bought a new stake in Carpenter Technology during the third quarter valued at $674,000. Finally, Citigroup Inc. boosted its stake in Carpenter Technology by 64.3% during the third quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock valued at $8,648,000 after buying an additional 13,779 shares during the period. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. TD Cowen lifted their price objective on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. BTIG Research raised their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Susquehanna raised their price target on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. raised their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $458.63.

Carpenter Technology Trading Up 2.7%

NYSE CRS opened at $576.70 on Thursday. The stock’s 50-day simple moving average is $456.67 and its two-hundred day simple moving average is $389.60. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $585.50. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $28.66 billion, a price-to-earnings ratio of 60.71, a PEG ratio of 1.93 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 earnings per share. Research analysts forecast that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were issued a $0.20 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. Carpenter Technology’s payout ratio is currently 8.42%.

Insider Activity

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director owned 750 shares in the company, valued at approximately $317,895. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is currently owned by insiders.

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.