119,592 Shares in Carpenter Technology Corporation $CRS Acquired by Advent International L.P.

Key Points

• Advent International acquired 119,592 shares of Carpenter Technology worth approximately $73.8 million, giving it a 0.24% stake; institutional investors collectively own 92.03% of the company.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding the $3.09 analyst consensus, while revenue rose 12.6% year over year to $679.7 million—below expectations of $863.3 million.
• Analysts maintain a broadly positive outlook, with the stock holding a consensus “Buy” rating and an average price target of $577.25. The company also declared a quarterly dividend of $0.20 per share.

Advent International L.P. acquired a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 119,592 shares of the basic materials company's stock, valued at approximately $73,769,000. Carpenter Technology makes up 0.4% of Advent International L.P.'s portfolio, making the stock its 11th biggest position. Advent International L.P. owned about 0.24% of Carpenter Technology at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CRS. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology during the second quarter worth about $28,000. Keating Financial Advisory Services Inc. purchased a new position in shares of Carpenter Technology during the 2nd quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in Carpenter Technology during the 1st quarter valued at $30,000. SJS Investment Consulting Inc. lifted its position in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock worth $32,000 after purchasing an additional 36 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Carpenter Technology during the 2nd quarter worth approximately $43,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Up 1.6%

Shares of CRS stock opened at $484.57 on Wednesday. The firm's fifty day simple moving average is $563.64 and its 200 day simple moving average is $471.76. The firm has a market capitalization of $24.02 billion, a P/E ratio of 46.06, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results 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 business had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.Carpenter Technology's quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.21 EPS. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend 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%.

Insider Buying and Selling

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the 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 transaction, the director owned 1,953 shares of the company's stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CRS shares. Wells Fargo & Company boosted their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a report on Tuesday, August 4th. KeyCorp decreased their price target on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Susquehanna cut their target price on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. cut their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average 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.

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