Susquehanna Fundamental Investments LLC Acquires New Stake in Carpenter Technology Corporation $CRS

Susquehanna Fundamental Investments LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,968 shares of the basic materials company’s stock, valued at approximately $2,448,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Sanctuary Advisors LLC bought a new stake in Carpenter Technology during the 2nd quarter valued at about $2,978,000. Kinetic Partners Management LP purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $19,122,000. Covestor Ltd grew its stake in Carpenter Technology by 334.3% in the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after acquiring an additional 2,688 shares in the last quarter. Focus Partners Advisor Solutions LLC bought a new position in Carpenter Technology in the 2nd quarter worth about $3,095,000. Finally, SteelPeak Wealth LLC purchased a new position in shares of Carpenter Technology during the first quarter worth approximately $2,593,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Down 0.9%

Shares of Carpenter Technology stock opened at $472.19 on Wednesday. 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 Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The firm’s 50-day moving average is $553.33 and its two-hundred day moving average is $475.93. The stock has a market cap of $23.40 billion, a price-to-earnings ratio of 44.88, a PEG ratio of 1.68 and a beta of 1.26.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same quarter last year, the firm posted $2.21 EPS. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. As a group, research analysts expect that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Analyst Ratings Changes

Several research firms have recently weighed in on CRS. JPMorgan Chase & Co. decreased their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Wall Street Zen cut Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. TD Cowen raised their price objective on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Finally, Susquehanna decreased their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology currently has a consensus rating of “Buy” and a consensus price target of $577.25.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. This represents a 11.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director directly owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 109,721 shares of company stock worth $53,091,824. 2.90% of the stock is currently owned by corporate insiders.

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.