Carpenter Technology Corporation $CRS Shares Purchased by Forest Avenue Capital Management LP

Key Points

• Forest Avenue Capital Management LP increased its stake in Carpenter Technology Corporation by 81.8% in the first quarter, holding 548,067 shares valued at approximately $99.30 million.
• The company reported quarterly earnings of $2.21 per share, exceeding analyst estimates of $2.03, although revenue fell short of expectations at $755.60 million.
• Carpenter Technology declared a quarterly dividend of $0.20 per share, which will be paid on September 4th, reflecting a 0.3% yield.

Forest Avenue Capital Management LP raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 81.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 548,067 shares of the basic materials company's stock after buying an additional 246,599 shares during the quarter. Carpenter Technology accounts for about 13.4% of Forest Avenue Capital Management LP's holdings, making the stock its biggest position. Forest Avenue Capital Management LP owned approximately 1.10% of Carpenter Technology worth $99,299,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Egerton Capital UK LLP acquired a new position in shares of Carpenter Technology during the 1st quarter worth $329,727,000. SurgoCap Partners LP increased its stake in shares of Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after purchasing an additional 779,357 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after buying an additional 570,441 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Carpenter Technology by 19,404.3% during the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after buying an additional 476,764 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in shares of Carpenter Technology during the 4th quarter worth $69,285,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

CRS has been the subject of several recent analyst reports. Benchmark upped their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $278.33.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded up $2.00 during midday trading on Thursday, reaching $240.48. 144,932 shares of the company's stock were exchanged, compared to its average volume of 909,319. The company's 50 day simple moving average is $263.92 and its two-hundred day simple moving average is $223.70. The firm has a market capitalization of $11.99 billion, a PE ratio of 32.41, a price-to-earnings-growth ratio of 1.10 and a beta of 1.44. Carpenter Technology Corporation has a 12 month low of $129.57 and a 12 month high of $290.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65.

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

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be issued 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 of this dividend is Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director owned 6,732 shares of the company's stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,691 shares of company stock worth $6,290,207 in the last quarter. 2.90% of the stock is owned by corporate insiders.

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.