SeaTown Holdings Pte. Ltd. Acquires New Position in Carpenter Technology Corporation $CRS

Key Points

• SeaTown Holdings Pte. Ltd. acquired 33,000 shares of Carpenter Technology Corporation, valued at approximately $9.12 million, making it the 10th largest holding in their investment portfolio.
• Institutional investors now own approximately 92.03% of Carpenter Technology's stock, reflecting strong interest from major funds.
• Carpenter Technology recently demonstrated solid earnings results, reporting $2.21 EPS which exceeded analyst estimates, but with a year-over-year revenue decline of 5.4%.

SeaTown Holdings Pte. Ltd. bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 33,000 shares of the basic materials company's stock, valued at approximately $9,121,000. Carpenter Technology accounts for about 5.4% of SeaTown Holdings Pte. Ltd.'s investment portfolio, making the stock its 10th largest holding. SeaTown Holdings Pte. Ltd. owned approximately 0.07% of Carpenter Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CRS. Radnor Capital Management LLC increased its holdings in Carpenter Technology by 3.3% in the 2nd quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company's stock valued at $343,000 after purchasing an additional 40 shares during the last quarter. M&T Bank Corp boosted its position in shares of Carpenter Technology by 3.9% during the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock worth $279,000 after buying an additional 58 shares during the period. Bessemer Group Inc. grew its stake in shares of Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after buying an additional 78 shares during the period. Finally, Mission Wealth Management LP raised its holdings in shares of Carpenter Technology by 4.0% in the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after buying an additional 78 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Zacks Research cut Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Weiss Ratings reissued a "buy (b+)" rating on shares of Carpenter Technology in a research report on Saturday, September 27th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Finally, Benchmark increased their target price 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. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Buying and Selling

In related news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the transaction, the director owned 6,732 shares of the company's stock, valued at $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director directly owned 180,000 shares of the company's stock, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,124 shares of company stock worth $6,890,250. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $251.95 on Tuesday. The business has a 50-day simple moving average of $246.54 and a 200-day simple moving average of $234.27. 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 Corporation has a one year low of $138.61 and a one year high of $290.84. The company has a market cap of $12.56 billion, a PE ratio of 33.96, a P/E/G ratio of 1.12 and a beta of 1.46.

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

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology's payout ratio is presently 10.78%.

Carpenter Technology Company 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.

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