SurgoCap Partners LP Has $362.89 Million Position in Carpenter Technology Corporation $CRS

Key Points

• SurgoCap Partners LP cut its Carpenter Technology stake by 3.9% in the fourth quarter, but still held 1.15 million shares worth about $362.9 million, making CRS its second-largest holding and about 10% of its portfolio.
• Several analysts remain constructive on the stock, with JPMorgan, Deutsche Bank, TD Cowen and Susquehanna all reiterating or raising targets. Overall, CRS has a Moderate Buy consensus and an average target price of $458.63.
• Carpenter Technology reported quarterly EPS of $2.77, topping estimates, while revenue rose 11.6% year over year to $655.6 million despite missing sales expectations. The company also paid a quarterly dividend of $0.20 per share.

SurgoCap Partners LP decreased its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,152,606 shares of the basic materials company's stock after selling 46,289 shares during the period. Carpenter Technology accounts for about 10.0% of SurgoCap Partners LP's portfolio, making the stock its 2nd biggest holding. SurgoCap Partners LP owned approximately 2.31% of Carpenter Technology worth $362,886,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology in the second quarter worth about $28,000. Armstrong Advisory Group Inc. lifted its position in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after buying an additional 43 shares in the last quarter. Spire Wealth Management lifted its position in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after buying an additional 84 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology in the second quarter worth about $43,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Carpenter Technology in the second quarter worth about $45,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction that occurred on 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 directly owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on CRS. JPMorgan Chase & Co. boosted 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. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. Wells Fargo & Company boosted their target price on Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. TD Cowen upped their price objective on 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 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 given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $458.63.

Carpenter Technology Trading Up 0.3%

CRS opened at $562.96 on Tuesday. The stock has a market cap of $27.97 billion, a price-to-earnings ratio of 59.26, a P/E/G ratio of 1.93 and a beta of 1.25. The stock's 50 day moving average price is $449.65 and its 200-day moving average price is $386.08. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $574.52. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. During the same quarter in the prior year, the firm posted $1.88 earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts forecast that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed 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 of this dividend was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology's dividend payout ratio is 8.42%.

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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