Union Bancaire Privee UBP SA Takes $10.99 Million Position in Carpenter Technology Corporation $CRS

Key Points

• Union Bancaire Privee UBP SA has acquired a new stake in Carpenter Technology Corporation, purchasing 39,745 shares valued at approximately $10.99 million, representing about 0.08% ownership in the company.
• In the latest quarterly earnings report, Carpenter Technology reported $2.21 earnings per share (EPS), exceeding the consensus estimate of $2.03, while revenue was down 5.4% year-over-year at $755.6 million.
• The company declared a quarterly dividend of $0.20 per share, with a payout ratio of 10.78% and an annualized dividend yield of 0.3%.

Union Bancaire Privee UBP SA bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 39,745 shares of the basic materials company's stock, valued at approximately $10,985,000. Union Bancaire Privee UBP SA owned approximately 0.08% of Carpenter Technology as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Invesco Ltd. boosted its holdings in Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after purchasing an additional 570,441 shares during the last quarter. Egerton Capital UK LLP purchased a new position in Carpenter Technology in the first quarter valued at about $329,727,000. Advent International L.P. boosted its holdings in Carpenter Technology by 12.1% in the first quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock valued at $145,819,000 after purchasing an additional 87,186 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Carpenter Technology by 4.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock valued at $113,114,000 after purchasing an additional 27,123 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Carpenter Technology by 13.9% in the first quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company's stock valued at $106,695,000 after purchasing an additional 71,747 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRS. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark increased their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. increased their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Down 3.7%

CRS opened at $241.69 on Tuesday. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $290.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The stock has a market cap of $12.05 billion, a P/E ratio of 32.57, a P/E/G ratio of 1.14 and a beta of 1.53. The stock's 50 day moving average price is $249.17 and its 200 day moving average price is $232.06.

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, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same period last year, the firm earned $1.82 EPS. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. As a group, research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Insider Activity

In other news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven E. Karol sold 3,433 shares of the firm's stock in a transaction on 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 approximately $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by company insiders.

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.

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