Titan Global Capital Management USA LLC Makes New Investment in Carpenter Technology Corporation $CRS

Titan Global Capital Management USA LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 10,215 shares of the basic materials company’s stock, valued at approximately $2,823,000.

Other large investors also recently modified their holdings of the company. Egerton Capital UK LLP acquired a new position in shares of Carpenter Technology during the 1st quarter valued at $329,727,000. Invesco Ltd. increased its stake 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 in the last quarter. William Blair Investment Management LLC acquired a new position in shares of Carpenter Technology during the second quarter valued at about $134,790,000. Nuveen LLC bought a new position in shares of Carpenter Technology during the 1st quarter worth about $63,136,000. Finally, Driehaus Capital Management LLC boosted its position in shares of Carpenter Technology by 79.2% during the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after purchasing an additional 253,163 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. TD Cowen upped their price target on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Friday, October 24th. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. Finally, BTIG Research upped their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average price target of $369.67.

Carpenter Technology Price Performance

CRS opened at $327.68 on Friday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $330.50. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The company has a market capitalization of $16.32 billion, a price-to-earnings ratio of 40.06, a P/E/G ratio of 1.41 and a beta of 1.47. The firm’s fifty day moving average price is $260.98 and its two-hundred day moving average price is $251.65.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The company had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. During the same quarter in the prior year, the company posted $1.73 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s payout ratio is presently 9.78%.

Insider Activity

In related news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares of the company’s stock, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven E. Karol sold 3,433 shares of the business’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 completion of the transaction, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. This represents a 1.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 over the last three months. Corporate insiders own 2.90% of the company’s stock.

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.