FengHe Fund Management Pte. Ltd. Invests $36.58 Million in Carpenter Technology Corporation $CRS

Key Points

• FengHe Fund Management opened a new position of 116,200 shares in Carpenter Technology worth about $36.58 million, making CRS roughly 2.1% of the fund's holdings and ~0.23% of the company outstanding.
• Carpenter beat quarterly EPS expectations ($2.33 vs. $2.20) with revenue up 7.5% year-over-year, has a market cap of $21.33 billion and a P/E of 49.74, and declared a $0.20 quarterly dividend (0.2% yield).
• Insiders sold 22,300 shares (~$8.66 million) last quarter, but analysts are broadly positive—consensus is a Moderate Buy with an average target of $403.11 and several firms lifting targets as high as $465.

FengHe Fund Management Pte. Ltd. bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 116,200 shares of the basic materials company's stock, valued at approximately $36,584,000. Carpenter Technology makes up about 2.1% of FengHe Fund Management Pte. Ltd.'s holdings, making the stock its 18th biggest holding. FengHe Fund Management Pte. Ltd. owned approximately 0.23% of Carpenter Technology at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CRS. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology in the second quarter worth $28,000. Armstrong Advisory Group Inc. lifted its holdings in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after buying an additional 43 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of Carpenter Technology in the third quarter worth $41,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company's stock worth $42,000 after buying an additional 60 shares in the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Trading Up 0.2%

Shares of CRS opened at $428.24 on Tuesday. The company's fifty day moving average is $401.77 and its 200 day moving average is $348.05. Carpenter Technology Corporation has a fifty-two week low of $188.12 and a fifty-two week high of $459.18. The stock has a market capitalization of $21.33 billion, a PE ratio of 49.74, a P/E/G ratio of 1.65 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million for the quarter, compared to analysts' expectations of $733.76 million. During the same quarter in the previous year, the business posted $1.66 earnings per share. Carpenter Technology's quarterly revenue was up 7.5% on a year-over-year basis. Sell-side analysts expect that Carpenter Technology Corporation will post 10.29 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology's payout ratio is currently 9.29%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the business's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP James D. Dee sold 15,800 shares of the business's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares in the company, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,300 shares of company stock worth $8,664,044 in the last quarter. Company insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the topic of several research analyst reports. KeyCorp boosted their target price on shares of Carpenter Technology from $380.00 to $453.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Weiss Ratings restated a "buy (b)" rating on shares of Carpenter Technology in a research report on Friday. Wall Street Zen upgraded shares of Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, January 31st. Wells Fargo & Company started coverage on shares of Carpenter Technology in a research report on Wednesday, April 1st. They issued an "equal weight" rating and a $400.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $394.00 to $465.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $403.11.

Carpenter Technology 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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