PDT Partners LLC Purchases Shares of 5,832 Carpenter Technology Corporation $CRS

Key Points

• PDT Partners initiated a 5,832-share position in Carpenter Technology valued at approximately $3.6 million during the second quarter. Several other institutional investors also opened positions, with institutional ownership reaching 92.03%.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding analyst expectations of $3.09, while revenue rose 12.6% year over year to $679.7 million, below the $863.3 million consensus estimate.
• Analysts maintain a consensus “Buy” rating with an average price target of $577.25, compared with the stock’s reported price of $483.19. The company also declared a quarterly dividend of $0.20 per share.

PDT Partners LLC bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 5,832 shares of the basic materials company's stock, valued at approximately $3,597,000.

Several other hedge funds also recently modified their holdings of CRS. Castleark Management LLC bought a new position in shares of Carpenter Technology in the 2nd quarter valued at about $1,530,000. Nicholas Investment Partners LP bought a new position in Carpenter Technology during the 2nd quarter worth approximately $26,927,000. Legal & General Group Plc acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at $47,429,000. The Manufacturers Life Insurance Company acquired a new position in Carpenter Technology in the second quarter valued at about $16,875,000. Finally, Van Hulzen Asset Management LLC bought a new stake in Carpenter Technology during the 2nd quarter worth approximately $378,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Down 0.6%

Shares of NYSE:CRS opened at $483.19 on Thursday. The business has a 50 day simple moving average of $561.77 and a two-hundred day simple moving average of $472.72. The firm has a market capitalization of $23.95 billion, a PE ratio of 45.93, a price-to-earnings-growth ratio of 1.74 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business's quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.21 earnings per share. On average, equities analysts predict that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology's dividend payout ratio is presently 7.60%.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of recent research reports. Zacks Research upgraded shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. cut their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. KeyCorp lowered their price objective on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. Finally, BTIG Research upped their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $577.25.

Insiders Place Their Bets

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.90% of the company's stock.

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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