Driehaus Capital Management LLC Has $103.81 Million Stock Holdings in Carpenter Technology Corporation $CRS

Key Points

• Driehaus Capital Management LLC increased its stake in Carpenter Technology Corporation by 79.2%, acquiring an additional 253,163 shares during the first quarter.
• Carpenter Technology's stock is now 14th largest in Driehaus's portfolio, with the firm owning approximately 1.15% of the company valued at $103.8 million.
• Analysts have raised their price targets for Carpenter Technology, with JPMorgan Chase increasing its target from $245 to $305 and maintaining an "overweight" rating.

Driehaus Capital Management LLC lifted its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 79.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 572,946 shares of the basic materials company's stock after buying an additional 253,163 shares during the period. Carpenter Technology comprises 1.0% of Driehaus Capital Management LLC's holdings, making the stock its 14th largest position. Driehaus Capital Management LLC owned approximately 1.15% of Carpenter Technology worth $103,806,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CRS. Stifel Financial Corp boosted its stake in shares of Carpenter Technology by 2.3% during the 4th quarter. Stifel Financial Corp now owns 11,533 shares of the basic materials company's stock worth $1,958,000 after buying an additional 260 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Carpenter Technology by 509.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 209,486 shares of the basic materials company's stock valued at $35,553,000 after purchasing an additional 175,101 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Carpenter Technology by 100.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 55,790 shares of the basic materials company's stock valued at $9,468,000 after purchasing an additional 27,952 shares during the period. Northern Trust Corp raised its holdings in shares of Carpenter Technology by 21.0% in the 4th quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock valued at $115,291,000 after purchasing an additional 117,759 shares during the period. Finally, Lido Advisors LLC bought a new stake in shares of Carpenter Technology in the 4th quarter valued at about $478,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,691 shares of company stock worth $6,290,207 in the last quarter. Corporate insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CRS shares. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Finally, Benchmark upped their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Performance

Carpenter Technology stock traded down $3.97 during trading hours on Wednesday, hitting $235.85. The company had a trading volume of 307,593 shares, compared to its average volume of 905,403. The firm has a market cap of $11.76 billion, a PE ratio of 31.76, a PEG ratio of 1.10 and a beta of 1.52. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. Carpenter Technology Corporation has a one year low of $129.57 and a one year high of $290.84. The firm has a 50-day moving average of $262.58 and a 200 day moving average of $225.46.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business's revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.82 EPS. On average, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, August 26th. Carpenter Technology's dividend payout ratio is presently 10.78%.

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.