Advent International L.P. Makes New Investment in Carpenter Technology Co. (NYSE:CRS)

Advent International L.P. bought a new position in Carpenter Technology Co. (NYSE:CRS) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 231,552 shares of the basic materials company’s stock, valued at approximately $16,394,000. Carpenter Technology comprises about 0.2% of Advent International L.P.’s investment portfolio, making the stock its 15th largest position. Advent International L.P. owned about 0.47% of Carpenter Technology as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Range Financial Group LLC lifted its holdings in shares of Carpenter Technology by 2.5% in the 4th quarter. Range Financial Group LLC now owns 10,728 shares of the basic materials company’s stock worth $760,000 after buying an additional 259 shares during the period. Cape Investment Advisory Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter worth $29,000. Johnson Financial Group Inc. purchased a new stake in shares of Carpenter Technology during the 4th quarter worth $31,000. Kestra Advisory Services LLC lifted its stake in shares of Carpenter Technology by 7.4% during the 3rd quarter. Kestra Advisory Services LLC now owns 7,256 shares of the basic materials company’s stock worth $488,000 after purchasing an additional 503 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its stake in shares of Carpenter Technology by 1.1% during the 4th quarter. New York State Teachers Retirement System now owns 66,948 shares of the basic materials company’s stock worth $4,740,000 after purchasing an additional 700 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the transaction, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the transaction, the director now owns 244,126 shares in the company, valued at $24,551,751.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP James D. Dee sold 23,518 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares in the company, valued at approximately $9,434,625.48. The disclosure for this sale can be found here. Insiders have sold a total of 59,678 shares of company stock valued at $6,261,693 over the last ninety days. Company insiders own 3.40% of the company’s stock.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $1.49 during midday trading on Wednesday, hitting $105.87. 427,872 shares of the company were exchanged, compared to its average volume of 531,244. The firm has a market capitalization of $5.25 billion, a PE ratio of 39.70 and a beta of 1.47. Carpenter Technology Co. has a fifty-two week low of $50.61 and a fifty-two week high of $112.75. The business has a fifty day simple moving average of $95.78 and a two-hundred day simple moving average of $77.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping the consensus estimate of $0.94 by $0.25. The firm had revenue of $684.90 million for the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. Carpenter Technology’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period last year, the company earned $0.38 earnings per share. On average, sell-side analysts forecast that Carpenter Technology Co. will post 4.31 earnings per share for the current year.

Carpenter Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.76%. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 30.42%.

Analyst Ratings Changes

CRS has been the subject of a number of analyst reports. Benchmark restated a “buy” rating and set a $140.00 price objective on shares of Carpenter Technology in a research note on Tuesday, May 28th. Northcoast Research reaffirmed a “neutral” rating on shares of Carpenter Technology in a research report on Monday, May 6th. Finally, TD Cowen upped their target price on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $112.67.

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.