Carpenter Technology Corporation $CRS Stake Reduced by Bornite Capital Management LP

Key Points

• Bornite Capital Management cut its Carpenter Technology stake by 32.3% in the second quarter, selling 42,980 shares and retaining 90,220 shares valued at approximately $55.7 million. Institutional investors and hedge funds collectively own 92.03% of the company.
• Analyst sentiment remains broadly positive, with one Strong Buy, eight Buy, and one Hold rating. The consensus price target is $577.25, with BTIG and TD Cowen raising their targets to $620 and $650, respectively.
• Carpenter Technology reported quarterly EPS of $3.23, beating estimates of $3.09, while revenue totaled $679.7 million. The company also declared a quarterly dividend of $0.20 per share, and insiders have sold more than 109,000 shares worth approximately $53.1 million over the past 90 days.

Bornite Capital Management LP lessened its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 32.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,220 shares of the basic materials company's stock after selling 42,980 shares during the period. Carpenter Technology makes up 7.0% of Bornite Capital Management LP's investment portfolio, making the stock its 3rd largest position. Bornite Capital Management LP owned 0.18% of Carpenter Technology worth $55,651,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRS. BlackRock Inc. purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $3,834,623,000. Jennison Associates LLC purchased a new position in Carpenter Technology during the first quarter worth about $317,411,000. SurgoCap Partners LP purchased a new position in Carpenter Technology during the second quarter worth about $423,444,000. Sands Capital Management LLC acquired a new stake in shares of Carpenter Technology during the fourth quarter valued at about $195,731,000. Finally, Norges Bank acquired a new stake in shares of Carpenter Technology during the fourth quarter valued at about $195,254,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRS has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. Zacks Research upgraded shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. BTIG Research boosted their target price on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Wall Street Zen lowered Carpenter Technology from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, TD Cowen upped their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $577.25.

Carpenter Technology Stock Performance

NYSE CRS opened at $472.19 on Wednesday. The company has a market cap of $23.40 billion, a P/E ratio of 44.88, a P/E/G ratio of 1.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The stock has a 50-day moving average of $553.33 and a two-hundred day moving average of $475.93. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued 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. The company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.21 earnings per share. As a group, analysts anticipate that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares of the company's stock, valued at $963,121.95. This trade represents a 18.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Tony R. Thene sold 57,456 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 439,631 shares of the company's stock, valued at $212,737,440.90. This represents a 11.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 109,721 shares of company stock worth $53,091,824. 2.90% of the stock is owned by insiders.

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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