Castleark Management LLC Buys New Position in Carpenter Technology Corporation $CRS

Key Points

• Castleark Management initiated a position in Carpenter Technology worth approximately $1.53 million, while institutional investors collectively own 92.03% of the company’s shares.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09; revenue rose 12.6% year over year to $679.7 million, although it fell short of analyst expectations.
• Analysts maintain a consensus “Buy” rating with an average price target of $577.25, while the company declared a quarterly dividend of $0.20 per share.

Castleark Management LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,480 shares of the basic materials company's stock, valued at approximately $1,530,000.

Several other institutional investors have also modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at approximately $3,834,623,000. Jennison Associates LLC bought a new stake in shares of Carpenter Technology during the 1st quarter valued at about $317,411,000. SurgoCap Partners LP bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $423,444,000. Sands Capital Management LLC bought a new position in Carpenter Technology during the 4th quarter worth $195,731,000. Finally, Norges Bank bought a new position in shares of Carpenter Technology during the fourth quarter worth about $195,254,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Down 0.6%

Shares of NYSE:CRS opened at $483.19 on Thursday. The company has a 50 day moving average of $561.77 and a 200-day moving average of $472.72. The firm has a market cap of $23.95 billion, a P/E ratio of 45.93, a P/E/G ratio of 1.74 and a beta of 1.25. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve 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.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data 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. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. During the same period last year, the firm posted $2.21 earnings per share. The business's revenue was up 12.6% on a year-over-year basis. As a group, analysts anticipate that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology's dividend payout ratio (DPR) is 7.60%.

Insider Activity

In other news, Director Ramin Younessi sold 438 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares of the company's stock, valued at approximately $963,121.95. The trade was a 18.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of recent analyst reports. TD Cowen lifted their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a report on Monday, July 13th. Wall Street Zen lowered Carpenter Technology from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Wells Fargo & Company raised their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. 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 research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average 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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