Carpenter Technology Corporation $CRS Stock Holdings Lifted by Kinetic Partners Management LP

Kinetic Partners Management LP grew its position in Carpenter Technology Corporation (NYSE:CRS) by 15.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 386,500 shares of the basic materials company’s stock after purchasing an additional 51,800 shares during the period. Carpenter Technology comprises about 4.6% of Kinetic Partners Management LP’s holdings, making the stock its 5th largest position. Kinetic Partners Management LP owned approximately 0.78% of Carpenter Technology worth $94,901,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Ion Asset Management Ltd. acquired a new stake in shares of Carpenter Technology during the 3rd quarter valued at about $4,027,000. Jain Global LLC increased its holdings in Carpenter Technology by 322.9% in the third quarter. Jain Global LLC now owns 105,640 shares of the basic materials company’s stock worth $25,939,000 after buying an additional 80,661 shares during the last quarter. Gotham Asset Management LLC increased its holdings in Carpenter Technology by 14,802.7% in the third quarter. Gotham Asset Management LLC now owns 165,122 shares of the basic materials company’s stock worth $40,544,000 after buying an additional 164,014 shares during the last quarter. Granahan Investment Management LLC raised its position in Carpenter Technology by 16.3% during the third quarter. Granahan Investment Management LLC now owns 269,437 shares of the basic materials company’s stock valued at $66,158,000 after acquiring an additional 37,768 shares in the last quarter. Finally, Focus Partners Wealth raised its position in Carpenter Technology by 37.3% during the third quarter. Focus Partners Wealth now owns 6,037 shares of the basic materials company’s stock valued at $1,477,000 after acquiring an additional 1,639 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In other news, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 22,300 shares of company stock valued at $8,664,044. 2.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent research reports. BTIG Research boosted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Finally, Susquehanna began coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus price target of $385.50.

Carpenter Technology Stock Performance

Shares of CRS opened at $374.23 on Tuesday. The company has a market capitalization of $18.64 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $412.31. The company’s fifty day moving average price is $360.61 and its 200 day moving average price is $313.29.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. The company had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 earnings per share. As a group, analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 9.29%.

Carpenter Technology 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.