Carpenter Technology Corporation $CRS Stock Holdings Raised by Advent International L.P.

Key Points

• Advent International L.P. increased its stake in Carpenter Technology Corporation by 12.1%, acquiring an additional 87,186 shares, which now represent 4.6% of their total holdings.
• Several analysts have issued a "buy" rating on Carpenter Technology, with price targets increasing significantly, including a rise from $250.00 to $300.00 from Benchmark and $245.00 to $305.00 by JPMorgan Chase.
• Carpenter Technology recently declared a quarterly dividend of $0.20 per share, with a total annual yield of 0.3% and a payout ratio of 10.78%.

Advent International L.P. raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 12.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 804,832 shares of the basic materials company's stock after buying an additional 87,186 shares during the period. Carpenter Technology comprises about 4.6% of Advent International L.P.'s investment portfolio, making the stock its 7th biggest position. Advent International L.P. owned 1.62% of Carpenter Technology worth $145,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in shares of Carpenter Technology by 37.1% in the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after purchasing an additional 570,441 shares in the last quarter. Egerton Capital UK LLP purchased a new stake in shares of Carpenter Technology in the 1st quarter valued at $329,727,000. SurgoCap Partners LP boosted its stake in shares of Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Carpenter Technology by 4.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock valued at $113,114,000 after purchasing an additional 27,123 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Carpenter Technology by 13.9% in the 1st quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company's stock valued at $106,695,000 after purchasing an additional 71,747 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the sale, the director directly owned 6,732 shares of the company's stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the transaction, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,691 shares of company stock valued at $6,290,207 over the last quarter. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 3.0%

Shares of NYSE:CRS traded up $7.28 during trading on Friday, hitting $247.54. The stock had a trading volume of 1,240,472 shares, compared to its average volume of 785,869. The company has a market capitalization of $12.34 billion, a PE ratio of 33.36, a PEG ratio of 1.09 and a beta of 1.52. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm's fifty day moving average is $260.77 and its 200 day moving average is $226.18. Carpenter Technology Corporation has a 12 month low of $129.57 and a 12 month high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same period in the prior year, the firm earned $1.82 earnings per share. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. Analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's payout ratio is presently 10.78%.

Wall Street Analyst Weigh In

CRS has been the subject of a number of research reports. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Benchmark increased their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

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.