Havemeyer Place LP Makes New Investment in Carpenter Technology Corporation $CRS

Key Points

• Havemeyer Place LP opened a new position in Carpenter Technology, buying 2,792 shares valued at about $879,000 in the fourth quarter.
• Carpenter Technology reported better-than-expected earnings of $2.77 per share, though revenue of $655.6 million came in below estimates; revenue still rose 11.6% year over year.
• Analysts remain broadly positive, with eight Buy ratings and a consensus Moderate Buy view, while the stock has also climbed to near its 52-week high after trading up 3.4%.

Havemeyer Place LP acquired a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,792 shares of the basic materials company's stock, valued at approximately $879,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp increased its position 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 worth $514,687,000 after purchasing an additional 192,533 shares in the last quarter. SurgoCap Partners LP lifted its position in Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company's stock valued at $294,377,000 after buying an additional 272,896 shares in the last quarter. Geode Capital Management LLC grew its stake in Carpenter Technology by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company's stock worth $307,333,000 after buying an additional 78,588 shares during the period. Ameriprise Financial Inc. grew its stake in Carpenter Technology by 20.5% during the third quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company's stock worth $154,840,000 after buying an additional 107,552 shares during the period. Finally, Norges Bank acquired a new stake in shares of Carpenter Technology in the fourth quarter worth $195,254,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Up 3.4%

NYSE CRS opened at $500.18 on Tuesday. The stock has a market cap of $24.85 billion, a P/E ratio of 52.65, a PEG ratio of 1.79 and a beta of 1.25. The company's fifty day simple moving average is $433.74 and its 200-day simple moving average is $377.93. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $501.79.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 EPS. Equities research analysts predict that Carpenter Technology Corporation will post 10.55 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were paid a $0.20 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology's payout ratio is 8.42%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRS. Wells Fargo & Company raised their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research note on Monday, May 4th. BTIG Research increased their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, Weiss Ratings lowered Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Carpenter Technology presently has an average rating of "Moderate Buy" and a consensus price target of $458.63.

Insider Activity

In related news, Director Anastasios John Hart sold 750 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director owned 750 shares of the company's stock, valued at approximately $317,895. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Marshall D. Akins sold 11,815 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company's stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.90% of the company's stock.

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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