SurgoCap Partners LP Acquires Shares of 686,473 Carpenter Technology Corporation $CRS

SurgoCap Partners LP bought a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 686,473 shares of the basic materials company’s stock, valued at approximately $423,444,000. Carpenter Technology accounts for about 13.7% of SurgoCap Partners LP’s portfolio, making the stock its 2nd biggest position. SurgoCap Partners LP owned about 1.38% of Carpenter Technology at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology during the 2nd quarter worth about $28,000. Keating Financial Advisory Services Inc. purchased a new stake in Carpenter Technology in the 2nd quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Carpenter Technology in the 1st quarter worth about $30,000. SJS Investment Consulting Inc. lifted its stake in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 36 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Carpenter Technology in the second quarter worth about $43,000. Institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CRS shares. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company raised their price target on Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. decreased their price target on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Susquehanna dropped their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. Finally, KeyCorp cut their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology Trading Down 3.0%

Shares of CRS opened at $477.50 on Tuesday. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The company has a 50-day moving average of $565.17 and a 200 day moving average of $470.71. The firm has a market capitalization of $23.66 billion, a price-to-earnings ratio of 45.39, a PEG ratio of 1.77 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 (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating 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 firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.21 EPS. On average, research analysts expect that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors 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 payout ratio is presently 7.60%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.