Carpenter Technology Corporation $CRS Holdings Boosted by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management increased its Carpenter Technology stake by 5.2% in the second quarter to 234,367 shares, while institutional investors collectively own 92.03% of the company.
• Analyst sentiment remains favorable, with an overall “Buy” rating and an average price target of $577.25. Recent targets range from $540 to $700.
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus the $3.09 consensus estimate, though revenue of $679.7 million fell short of forecasts. The company also declared a $0.20 quarterly dividend, while insiders sold more than $53 million in stock during the last quarter.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 5.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 234,367 shares of the basic materials company's stock after acquiring an additional 11,655 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.47% of Carpenter Technology worth $144,567,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $3,834,623,000. Jennison Associates LLC bought a new position in Carpenter Technology during the 1st quarter worth $317,411,000. SurgoCap Partners LP bought a new position in Carpenter Technology during the 2nd quarter worth $423,444,000. Sands Capital Management LLC acquired a new stake in Carpenter Technology in the fourth quarter worth $195,731,000. Finally, Norges Bank acquired a new stake in Carpenter Technology in the fourth quarter worth $195,254,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. 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. Susquehanna cut their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. TD Cowen boosted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research note on Monday, July 13th. JPMorgan Chase & Co. decreased their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. Finally, BTIG Research upped their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Carpenter Technology currently has an average rating of "Buy" and an average target price of $577.25.

Carpenter Technology Stock Down 0.9%

Shares of Carpenter Technology stock opened at $472.19 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The business's fifty day moving average price is $553.33 and its two-hundred day moving average price is $475.93. The company has a market capitalization of $23.40 billion, a P/E ratio of 44.88, a PEG ratio of 1.68 and a beta of 1.26.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. The company 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%.The company's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.21 earnings per share. As a group, research analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology's dividend payout ratio is currently 7.60%.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the business's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the sale, the chief executive officer directly owned 439,631 shares in the company, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramin Younessi sold 438 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director directly 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 109,721 shares of company stock valued at $53,091,824 in the last quarter. 2.90% of the stock is currently owned by insiders.

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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