Buckland Partners Management Co LLC Makes New $17.27 Million Investment in Carpenter Technology Corporation $CRS

Key Points

• Buckland Partners Management bought 28,000 shares of Carpenter Technology worth approximately $17.27 million, making CRS its largest holding at 8.5% of the fund’s portfolio.
• Carpenter Technology reported quarterly EPS of $3.23, beating estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million.
• Analysts maintain a broadly positive outlook, with the stock carrying a consensus “Buy” rating and an average price target of $577.25; the company also declared a quarterly dividend of $0.20 per share.

Buckland Partners Management Co LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 28,000 shares of the basic materials company's stock, valued at approximately $17,272,000. Carpenter Technology accounts for 8.5% of Buckland Partners Management Co LLC's holdings, making the stock its largest position. Buckland Partners Management Co LLC owned approximately 0.06% of Carpenter Technology at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Wealthcare Advisory Partners LLC increased its stake in Carpenter Technology by 1.7% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock worth $708,000 after purchasing an additional 19 shares in the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Carpenter Technology by 3.7% in the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock valued at $280,000 after purchasing an additional 32 shares during the period. Abel Hall LLC raised its stake in shares of Carpenter Technology by 3.2% in the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock valued at $321,000 after purchasing an additional 32 shares during the period. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock valued at $3,509,000 after purchasing an additional 34 shares during the period. Finally, Essential Partners LLC lifted its holdings in shares of Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock valued at $149,000 after purchasing an additional 34 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Down 0.7%

NYSE CRS opened at $540.83 on Tuesday. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. 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 stock has a 50 day moving average of $569.82 and a 200-day moving average of $464.41. The company has a market cap of $26.80 billion, a PE ratio of 51.41, a PEG ratio of 1.98 and a beta of 1.25.

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, beating the consensus estimate 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 net margin of 16.96% and a return on equity of 26.46%. Carpenter Technology's revenue was up 12.6% on a year-over-year basis. During the same period last year, the business posted $2.21 EPS. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology's payout ratio is 7.60%.

Wall Street Analyst Weigh In

Several research firms have commented on CRS. KeyCorp cut their target price on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock 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 stock an "equal weight" rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. BTIG Research raised their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Zacks Research upgraded shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology has an average rating of "Buy" and a consensus price target of $577.25.

Carpenter Technology 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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