Concurrent Investment Advisors LLC Purchases 15,729 Shares of Carpenter Technology Corporation $CRS

Key Points

• Concurrent Investment Advisors increased its Carpenter Technology stake by 287.2% in the second quarter, buying 15,729 additional shares for a total position of 21,206 shares valued at approximately $13.1 million. Institutional investors collectively own 92.03% of the company.
• Analysts remain broadly bullish: Carpenter Technology has an average “Buy” rating and a consensus price target of $577.25, with several firms recently raising their targets to between $540 and $650.
• The company reported quarterly EPS of $3.23, surpassing estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. However, insiders sold about $53.1 million of stock over the past 90 days, including a 57,456-share sale by the CEO.

Concurrent Investment Advisors LLC increased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 287.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 21,206 shares of the basic materials company's stock after purchasing an additional 15,729 shares during the period. Concurrent Investment Advisors LLC's holdings in Carpenter Technology were worth $13,081,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Carpenter Technology in the second quarter worth $3,834,623,000. State Street Corp raised its stake in Carpenter Technology by 10.1% during the 3rd 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. Invesco Ltd. raised its stake in Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company's stock valued at $652,241,000 after purchasing an additional 327,302 shares during the last quarter. Egerton Capital UK LLP increased its holdings in shares of Carpenter Technology by 13.0% during the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock worth $488,950,000 after purchasing an additional 178,679 shares during the period. Finally, SurgoCap Partners LP increased its holdings 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 purchasing an additional 272,896 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. TD Cowen boosted their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a report on Monday. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. Wells Fargo & Company upped their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 4th. Finally, BTIG Research lifted their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. 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 an average target price of $577.25.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the sale, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ramin Younessi sold 438 shares of the business's stock in a transaction dated 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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 109,721 shares of company stock valued at $53,091,824 over the last ninety days. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $476.34 on Friday. The stock has a market capitalization of $23.61 billion, a price-to-earnings ratio of 45.28, a P/E/G ratio of 1.65 and a beta of 1.26. The firm's 50-day moving average price is $546.01 and its two-hundred day moving average price is $477.19. 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 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 announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same period in the previous year, the business earned $2.21 EPS. Carpenter Technology's revenue was up 12.6% compared to the same quarter last year. On average, equities analysts predict that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

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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