SurgoCap Partners LP Reduces Stock Holdings in Carpenter Technology Corporation $CRS

SurgoCap Partners LP lessened its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 3.9% during the 4th quarter, Holdings Channel reports. The fund owned 1,152,606 shares of the basic materials company’s stock after selling 46,289 shares during the period. Carpenter Technology comprises approximately 10.0% of SurgoCap Partners LP’s holdings, making the stock its 2nd largest position. SurgoCap Partners LP’s holdings in Carpenter Technology were worth $362,886,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of CRS. Sands Capital Management LLC bought a new stake in Carpenter Technology during the 4th quarter valued at $195,731,000. Norges Bank bought a new stake in Carpenter Technology during the 4th quarter valued at $195,254,000. Aspex Management HK Ltd bought a new stake in Carpenter Technology during the 3rd quarter valued at $136,215,000. TOMS Capital Investment Management LP bought a new stake in Carpenter Technology during the 2nd quarter valued at $106,683,000. Finally, UBS Group AG boosted its position in Carpenter Technology by 171.2% during the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock valued at $190,951,000 after acquiring an additional 382,865 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CRS shares. Susquehanna increased their target price on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. BTIG Research increased their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, KeyCorp increased their price objective on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $458.63.

Insiders Place Their Bets

In related news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director owned 750 shares of the company’s stock, valued at $317,895. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $562.96 on Tuesday. The firm has a market capitalization of $27.97 billion, a price-to-earnings ratio of 59.26, a price-to-earnings-growth ratio of 1.93 and a beta of 1.25. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The business has a fifty day moving average of $449.65 and a 200 day moving average of $386.08. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $574.52.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $1.88 EPS. As a group, research analysts expect that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were paid a $0.20 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology’s dividend payout ratio (DPR) is 8.42%.

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.