Kinetic Partners Management LP Has $94.90 Million Stock Position in Carpenter Technology Corporation $CRS

Kinetic Partners Management LP grew its stake in Carpenter Technology Corporation (NYSE:CRS) by 15.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 386,500 shares of the basic materials company’s stock after purchasing an additional 51,800 shares during the period. Carpenter Technology comprises about 4.6% of Kinetic Partners Management LP’s investment portfolio, making the stock its 5th biggest position. Kinetic Partners Management LP’s holdings in Carpenter Technology were worth $94,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in CRS. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology in the second quarter valued at about $28,000. Root Financial Partners LLC acquired a new stake in Carpenter Technology during the third quarter worth about $41,000. MassMutual Private Wealth & Trust FSB increased its stake in Carpenter Technology by 54.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares during the period. Headlands Technologies LLC bought a new position in Carpenter Technology during the second quarter valued at about $43,000. Finally, Rakuten Securities Inc. acquired a new position in Carpenter Technology in the 2nd quarter valued at approximately $45,000. Institutional investors own 92.03% of the company’s stock.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares in the company, valued at $28,889,465.42. This represents a 17.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,300 shares of company stock worth $8,664,044 over the last quarter. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. BTIG Research raised their price objective on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Finally, Susquehanna began coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $385.50.

Carpenter Technology Stock Up 3.6%

Shares of CRS opened at $374.23 on Tuesday. The stock has a market cap of $18.64 billion, a price-to-earnings ratio of 43.46, a P/E/G ratio of 1.42 and a beta of 1.22. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $412.31. The company has a 50-day moving average price of $360.61 and a two-hundred day moving average price of $313.29.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. During the same period in the prior year, the company posted $1.66 EPS. The company’s revenue was up 7.5% compared to the same quarter last year. Equities analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is currently 9.29%.

Carpenter Technology Company 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.