Nicholas Investment Partners LP Takes $26.93 Million Position in Carpenter Technology Corporation $CRS

Key Points

• Nicholas Investment Partners LP acquired a new $26.93 million stake in Carpenter Technology, purchasing 43,653 shares and making CRS approximately 1.5% of its portfolio. Institutional investors collectively own 92.03% of the company.
• Analyst sentiment remains broadly positive, with an overall “Buy” rating and an average price target of $577.25, although some firms recently lowered ratings or targets.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding the $3.09 consensus estimate, while revenue rose 12.6% year over year to $679.7 million. The company also declared a quarterly dividend of $0.20 per share.

Nicholas Investment Partners 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 disclosure with the Securities and Exchange Commission. The institutional investor bought 43,653 shares of the basic materials company's stock, valued at approximately $26,927,000. Carpenter Technology accounts for about 1.5% of Nicholas Investment Partners LP's portfolio, making the stock its 7th largest position. Nicholas Investment Partners LP owned approximately 0.09% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CRS. Woodline Partners LP purchased a new position in shares of Carpenter Technology during the 1st quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Carpenter Technology by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock worth $18,985,000 after buying an additional 1,701 shares in the last quarter. Focus Partners Wealth raised its position in shares of Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock worth $836,000 after buying an additional 314 shares in the last quarter. Quantbot Technologies LP bought a new stake in Carpenter Technology during the second quarter valued at $80,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Carpenter Technology during the second quarter valued at $533,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CRS shares. Wall Street Zen lowered Carpenter Technology from a "buy" rating to a "hold" rating in a research note on Saturday. Susquehanna cut their price objective on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a report on Friday, July 31st. Wells Fargo & Company upped their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 4th. BTIG Research boosted their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $577.25.

Carpenter Technology Price Performance

CRS opened at $477.50 on Tuesday. The stock has a 50-day moving average price of $565.17 and a 200-day moving average price of $470.71. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $23.66 billion, a P/E ratio of 45.39, a PEG ratio of 1.77 and a beta of 1.25.

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 the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company's revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.21 EPS. Equities analysts predict that Carpenter Technology Corporation will post 13.08 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, September 3rd. Shareholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology's dividend payout ratio (DPR) is presently 7.60%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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