Kinetic Partners Management LP Purchases New Stake in Carpenter Technology Corporation $CRS

Kinetic Partners Management LP acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 31,000 shares of the basic materials company’s stock, valued at approximately $19,122,000.

Several other large investors have also recently bought and sold shares of the business. Woodline Partners LP acquired a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 valued at $18,985,000 after purchasing an additional 1,701 shares during the period. Focus Partners Wealth lifted its holdings 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 worth $836,000 after acquiring an additional 314 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carpenter Technology during the second quarter worth about $533,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the 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 sale, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Trading Up 1.6%

NYSE:CRS opened at $484.57 on Wednesday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $563.64 and its two-hundred day moving average is $471.76. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week 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.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The business 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 business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.21 EPS. On average, analysts predict that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given 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 is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Wall Street Analyst Weigh In

Several equities research analysts have recently 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 report on Friday, July 31st. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. reduced their price objective on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. 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, Carpenter Technology presently has an average rating of “Buy” and a consensus target price of $577.25.

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.