SurgoCap Partners LP Acquires New Shares in Carpenter Technology Corporation $CRS

SurgoCap Partners LP acquired a new position in Carpenter Technology Corporation (NYSE:CRS) in the second quarter, HoldingsChannel reports. The fund acquired 686,473 shares of the basic materials company’s stock, valued at approximately $423,444,000. Carpenter Technology comprises 13.7% of SurgoCap Partners LP’s investment portfolio, making the stock its 2nd biggest holding.

A number of other hedge funds also recently added to or reduced their stakes in CRS. Paradigm Capital Management Inc. NY purchased a new position in Carpenter Technology during the 2nd quarter valued at about $9,623,000. Dearborn Partners LLC bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $1,399,000. Algert Global LLC lifted its position in shares of Carpenter Technology by 31.1% in the 2nd quarter. Algert Global LLC now owns 52,451 shares of the basic materials company’s stock worth $32,354,000 after purchasing an additional 12,444 shares during the period. Ames National Corp purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $247,000. Finally, Gallo Partners LP purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $481,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CRS shares. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. KeyCorp lowered their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. TD Cowen increased their target price on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Susquehanna cut their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $477.50 on Tuesday. The company has a market capitalization of $23.66 billion, a PE ratio of 45.39, a P/E/G ratio of 1.77 and a beta of 1.25. The company has a 50-day simple moving average of $565.17 and a two-hundred day simple moving average of $470.71. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share 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 analysts’ expectations of $863.33 million. During the same period last year, the business earned $2.21 EPS. The company’s revenue was up 12.6% compared to the same quarter last year. Research analysts expect that Carpenter Technology Corporation will post 13.08 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

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.