BlackRock Inc. Makes New $3.83 Billion Investment in Carpenter Technology Corporation $CRS

Key Points

• BlackRock acquired 6.22 million shares of Carpenter Technology during the second quarter, valued at approximately $3.83 billion and representing about 12.51% 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.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $577.25; the company also declared a quarterly dividend of $0.20 per share.

BlackRock Inc. purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 6,216,560 shares of the basic materials company's stock, valued at approximately $3,834,623,000. BlackRock Inc. owned approximately 12.51% of Carpenter Technology as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology during the second quarter valued at $28,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology during the first quarter valued at approximately $30,000. SJS Investment Consulting Inc. lifted its holdings in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after buying an additional 36 shares during the period. Headlands Technologies LLC purchased a new position in Carpenter Technology in the second quarter worth about $43,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Carpenter Technology in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $531.25 on Wednesday. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The company's 50 day moving average is $569.98 and its 200 day moving average is $465.82. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98. The company has a market cap of $26.33 billion, a PE ratio of 50.50, a price-to-earnings-growth ratio of 1.98 and a beta of 1.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly 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. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same period in the prior year, the firm posted $2.21 earnings per share. The firm's quarterly revenue was up 12.6% compared to the same quarter last year. On average, sell-side analysts forecast that Carpenter Technology Corporation will post 12.92 EPS 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 paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology's payout ratio is 7.60%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. KeyCorp dropped their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Wells Fargo & Company boosted their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. Finally, BTIG Research increased their price target on Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating 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 given a Hold rating to the company's stock. Based on data from MarketBeat.com, Carpenter Technology has an average rating of "Buy" and a consensus price target of $577.25.

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.

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