291,622 Shares in Carpenter Technology Corporation $CRS Acquired by TimesSquare Capital Management LLC

Key Points

• TimesSquare Capital Management acquired 291,622 shares of Carpenter Technology, valued at approximately $179.9 million, making CRS its largest portfolio position and representing 0.59% of the company.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. The company also announced a quarterly dividend of $0.20 per share.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $577.25; CRS recently traded at $540.83, down 0.7%.

TimesSquare Capital Management LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 291,622 shares of the basic materials company's stock, valued at approximately $179,884,000. Carpenter Technology accounts for 2.6% of TimesSquare Capital Management LLC's portfolio, making the stock its largest position. TimesSquare Capital Management LLC owned 0.59% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. State Street Corp raised its position in shares of Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock valued at $514,687,000 after purchasing an additional 192,533 shares during the period. Invesco Ltd. lifted its stake in shares of Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company's stock worth $652,241,000 after buying an additional 327,302 shares during the last quarter. Egerton Capital UK LLP boosted its holdings in shares of Carpenter Technology by 13.0% during the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock worth $488,950,000 after buying an additional 178,679 shares during the period. SurgoCap Partners LP boosted 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 period. Finally, Geode Capital Management LLC grew its stake in Carpenter Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company's stock valued at $307,333,000 after buying an additional 78,588 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Down 0.7%

CRS stock opened at $540.83 on Tuesday. 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 company's 50-day simple moving average is $569.82 and its 200 day simple moving average is $464.41. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The company has a market capitalization of $26.80 billion, a PE ratio of 51.41, a price-to-earnings-growth ratio of 1.98 and a beta of 1.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same period last year, the firm earned $2.21 earnings per share. Carpenter Technology's revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 12.92 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology's dividend payout ratio is presently 7.60%.

Analyst Ratings Changes

CRS has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered 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. Zacks Research raised Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. Susquehanna decreased 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. BTIG Research increased their target price on Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, TD Cowen lifted their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus 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.

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