Pallas Capital Advisors LLC Purchases New Stake in Carpenter Technology Corporation $CRS

Pallas Capital Advisors LLC acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 2,764 shares of the basic materials company’s stock, valued at approximately $1,705,000.

Several other large investors have also recently bought and sold shares of CRS. Wealthcare Advisory Partners LLC grew its stake in shares of Carpenter Technology by 1.7% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after purchasing an additional 19 shares during the period. Meeder Advisory Services Inc. increased its holdings in shares of Carpenter Technology by 3.7% in the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 32 shares in the last quarter. Abel Hall LLC lifted its stake in shares of Carpenter Technology by 3.2% in the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after purchasing an additional 32 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its stake in shares of Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after purchasing an additional 34 shares during the period. Finally, Essential Partners LLC boosted its holdings in Carpenter Technology by 9.9% during the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock worth $149,000 after buying an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $540.83 on Tuesday. The firm has a market capitalization of $26.80 billion, a PE ratio of 51.41, a P/E/G ratio of 1.98 and a beta of 1.25. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The firm’s 50-day simple moving average is $569.82 and its 200 day simple moving average is $464.41. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the firm posted $2.21 EPS. On average, equities research analysts predict that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is 7.60%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRS. TD Cowen upped their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Susquehanna reduced their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Finally, KeyCorp dropped their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $577.25.

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.