Pacer Advisors Inc. Has $2.70 Million Holdings in Carpenter Technology Corporation $CRS

Key Points

• Pacer Advisors increased its stake in Carpenter Technology by 30.3% in the fourth quarter, ending with 8,565 shares valued at about $2.7 million.
• The company’s latest earnings beat expectations, with EPS of $2.77 versus the $2.59 estimate, though revenue of $655.6 million came in below forecasts despite rising 11.6% year over year.
• Wall Street remains generally bullish on CRS, with eight Buy ratings and two Hold ratings, alongside a consensus Moderate Buy and average target price of $458.62, while insiders recently sold shares.

Pacer Advisors Inc. boosted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 30.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,565 shares of the basic materials company's stock after purchasing an additional 1,990 shares during the quarter. Pacer Advisors Inc.'s holdings in Carpenter Technology were worth $2,697,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Sands Capital Management LLC bought a new position in Carpenter Technology during the fourth quarter worth about $195,731,000. Norges Bank bought a new stake in shares of Carpenter Technology in the 4th quarter valued at about $195,254,000. Aspex Management HK Ltd acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at approximately $136,215,000. TOMS Capital Investment Management LP acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $106,683,000. Finally, UBS Group AG raised its position in shares of Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company's stock valued at $190,951,000 after acquiring an additional 382,865 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS opened at $579.44 on Wednesday. The stock has a 50 day simple moving average of $469.66 and a 200 day simple moving average of $397.27. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $597.52. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The firm has a market capitalization of $28.79 billion, a PE ratio of 60.99, a P/E/G ratio of 2.02 and a beta of 1.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. During the same period last year, the company posted $1.88 EPS. The business's quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts predict that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is presently 8.42%.

Wall Street Analyst Weigh In

CRS has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. KeyCorp increased their target price on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. TD Cowen upped their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. Finally, Susquehanna upped their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a "positive" rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $458.62.

Insider Buying and Selling at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of the business's stock in a transaction 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 directly owned 18,344 shares of the company's stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the company's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company's stock, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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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