PDT Partners LLC Purchases New Stake in Carpenter Technology Corporation $CRS

PDT Partners LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,832 shares of the basic materials company’s stock, valued at approximately $3,597,000.

Several other institutional investors have also modified their holdings of CRS. Woodline Partners LP acquired a new stake in shares of Carpenter Technology during the 1st quarter valued at approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Carpenter Technology by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after acquiring an additional 1,701 shares in the last quarter. Focus Partners Wealth increased its position in shares of Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 314 shares during the period. Quantbot Technologies LP bought a new stake in Carpenter Technology in the second quarter worth about $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carpenter Technology during the second quarter valued at approximately $533,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CRS shares. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. KeyCorp cut their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. BTIG Research boosted their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. TD Cowen upped their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $577.25.

Insider Activity

In related news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. The trade was a 18.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $483.19 on Thursday. The firm has a market cap of $23.95 billion, a P/E ratio of 45.93, a P/E/G ratio of 1.74 and a beta of 1.25. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The firm has a 50 day simple moving average of $561.77 and a 200 day simple moving average of $472.72.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period in the previous year, the company earned $2.21 EPS. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. Sell-side analysts predict that Carpenter Technology Corporation will post 13.08 earnings per share 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 issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is presently 7.60%.

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