Carpenter Technology Corporation $CRS Shares Acquired by Hudson Bay Capital Management LP

Key Points

• Hudson Bay Capital boosted its stake in Carpenter Technology (NYSE:CRS) by 52% to 19,987 shares (worth $4.91M), and several large institutions (State Street, SurgoCap, Ameriprise, Qube, Barclays) also raised positions, leaving 92.03% institutional ownership.
• Analysts are broadly positive on CRS with a consensus rating of "Moderate Buy", nine Buy vs. two Hold ratings, and an average price target of $385.50.
• Company insiders have been net sellers recently, disposing of 22,300 shares worth $8.66M over the last 90 days, leaving insiders with about 2.90% ownership.

Hudson Bay Capital Management LP increased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 52.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,987 shares of the basic materials company's stock after purchasing an additional 6,835 shares during the quarter. Hudson Bay Capital Management LP's holdings in Carpenter Technology were worth $4,908,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. State Street Corp grew its holdings in 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 last quarter. SurgoCap Partners LP raised its stake 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 last quarter. Ameriprise Financial Inc. boosted its position in shares of Carpenter Technology by 20.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company's stock worth $154,840,000 after buying an additional 107,552 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in Carpenter Technology by 111.6% in the 3rd quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company's stock valued at $151,731,000 after acquiring an additional 325,919 shares during the last quarter. Finally, Barclays PLC grew its stake in Carpenter Technology by 5.8% in the 3rd quarter. Barclays PLC now owns 591,981 shares of the basic materials company's stock valued at $145,355,000 after acquiring an additional 32,645 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRS shares. Susquehanna assumed coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They set a "positive" rating and a $470.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an "overweight" rating in a research report on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Wall Street Zen upgraded Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, January 31st. Finally, BTIG Research upped their target price on Carpenter Technology from $365.00 to $375.00 and gave the company a "buy" rating in a research note on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $385.50.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the sale, the director directly owned 225,381 shares of the company's stock, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the business's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares of the company's stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,300 shares of company stock valued at $8,664,044 over the last ninety days. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Price Performance

NYSE:CRS opened at $362.49 on Friday. The firm has a market cap of $18.06 billion, a price-to-earnings ratio of 42.10, a price-to-earnings-growth ratio of 1.48 and a beta of 1.22. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The company's 50-day moving average is $364.25 and its two-hundred day moving average is $316.06. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $412.31.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million during the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.66 earnings per share. Research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology's dividend payout ratio (DPR) is 9.29%.

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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