Pallas Capital Advisors LLC Makes New $1.71 Million Investment in Carpenter Technology Corporation $CRS

Pallas Capital Advisors LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,764 shares of the basic materials company’s stock, valued at approximately $1,705,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CRS. Jennison Associates LLC acquired a new stake in Carpenter Technology in the first quarter valued at approximately $317,411,000. Sands Capital Management LLC purchased a new position in Carpenter Technology in the fourth quarter worth approximately $195,731,000. Norges Bank acquired a new position in Carpenter Technology during the 4th quarter worth approximately $195,254,000. TOMS Capital Investment Management LP acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $106,683,000. Finally, UBS Group AG increased 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 purchasing an additional 382,865 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 0.7%

Shares of CRS stock opened at $540.83 on Tuesday. The company has a market capitalization of $26.80 billion, a P/E ratio of 51.41, a price-to-earnings-growth ratio of 1.98 and a beta of 1.25. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $569.82 and its two-hundred day moving average is $464.41. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business’s revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the business earned $2.21 EPS. Equities analysts forecast that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be given a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CRS. KeyCorp reduced their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. TD Cowen upped their price objective on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Finally, BTIG Research raised their target price on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $577.25.

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.