TimesSquare Capital Management LLC Makes New $179.88 Million Investment in Carpenter Technology Corporation $CRS

TimesSquare Capital Management LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 291,622 shares of the basic materials company’s stock, valued at approximately $179,884,000. Carpenter Technology comprises approximately 2.6% of TimesSquare Capital Management LLC’s holdings, making the stock its biggest position.

Other institutional investors have also recently modified their holdings of the company. Woodline Partners LP acquired a new stake in shares of Carpenter Technology during the 1st quarter worth $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 worth $18,985,000 after purchasing an additional 1,701 shares during the period. Focus Partners Wealth raised its stake in Carpenter Technology by 7.3% in the first 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 in the last quarter. Quantbot Technologies LP acquired a new position in Carpenter Technology in the second quarter valued at about $80,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Carpenter Technology during the second quarter worth about $533,000. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. BTIG Research increased their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. KeyCorp dropped their target price on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. JPMorgan Chase & Co. cut their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $577.25.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $540.83 on Tuesday. The company’s fifty day moving average is $569.82 and its 200 day moving average is $464.41. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98. The stock has a market cap of $26.80 billion, a price-to-earnings ratio of 51.41, a P/E/G ratio of 1.98 and a beta of 1.25. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm’s revenue was up 12.6% compared to the same quarter last year. During the same period last year, the company earned $2.21 earnings per share. Sell-side analysts forecast that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

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