Kinetic Partners Management LP Makes New $19.12 Million Investment in Carpenter Technology Corporation $CRS

Kinetic Partners Management LP purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 31,000 shares of the basic materials company’s stock, valued at approximately $19,122,000. Kinetic Partners Management LP owned 0.06% of Carpenter Technology as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Carpenter Technology during the 2nd quarter worth $3,834,623,000. State Street Corp raised its holdings in shares of Carpenter Technology by 10.1% during the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after acquiring an additional 192,533 shares during the period. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 18.8% in the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after purchasing an additional 327,302 shares during the period. Egerton Capital UK LLP increased its position in Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after purchasing an additional 178,679 shares during the last quarter. Finally, SurgoCap Partners LP increased its holdings in shares of Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after buying an additional 272,896 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $484.57 on Wednesday. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The company has a market cap of $24.02 billion, a PE ratio of 46.06, a P/E/G ratio of 1.71 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The business has a 50-day simple moving average of $563.64 and a 200-day simple moving average of $471.76.

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 the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter in the previous year, the business posted $2.21 EPS. The firm’s revenue was up 12.6% on a year-over-year basis. On average, equities research analysts forecast that Carpenter Technology Corporation will post 13.08 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

Analyst Ratings Changes

A number of research analysts have commented on CRS shares. BTIG Research upped their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Susquehanna reduced their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company upped their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Wall Street Zen lowered Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, TD Cowen upped their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $577.25.

Insider Buying and Selling at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.90% of the company’s stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.