Corient Private Wealth LP Makes New $3.05 Million Investment in Carpenter Technology Corporation $CRS

Key Points

• Corient Private Wealth acquired 4,949 Carpenter Technology shares worth approximately $3.05 million, while institutional investors collectively own 92.03% of the stock.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding the $3.09 analyst consensus, with revenue rising 12.6% year over year to $679.7 million despite missing revenue expectations.
• Analysts maintain a broadly positive outlook, with the stock rated “Buy” and an average price target of $577.25; the company also declared a quarterly dividend of $0.20 per share.

Corient Private Wealth LP bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,949 shares of the basic materials company's stock, valued at approximately $3,053,000.

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

Carpenter Technology Trading Down 0.9%

Shares of Carpenter Technology stock opened at $472.19 on Wednesday. The firm has a market cap of $23.40 billion, a price-to-earnings ratio of 44.88, a price-to-earnings-growth ratio of 1.68 and a beta of 1.26. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The company's 50-day simple moving average is $553.33 and its 200-day simple moving average is $475.93. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same quarter last year, the firm earned $2.21 earnings per share. The firm's revenue was up 12.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Carpenter Technology Corporation will post 13.28 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on CRS shares. TD Cowen upped their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Weiss Ratings cut Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. Zacks Research raised Carpenter Technology from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. BTIG Research upped 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. Finally, KeyCorp decreased their price target on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $577.25.

Insider Activity at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction that occurred 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 directly owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Tony R. Thene sold 57,456 shares of the company's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the transaction, the chief executive officer directly owned 439,631 shares in the company, valued at $212,737,440.90. This represents a 11.56% decrease in their position. 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 over the last three months. Insiders own 2.90% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source