Pallas Capital Advisors LLC Makes New $235,000 Investment in Carpenter Technology Corporation $CRS

Pallas Capital Advisors LLC bought a new position in Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 852 shares of the basic materials company’s stock, valued at approximately $235,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Rise Advisors LLC bought a new position in Carpenter Technology during the first quarter valued at about $31,000. IMA Advisory Services Inc. acquired a new position in shares of Carpenter Technology during the 1st quarter valued at about $36,000. Bessemer Group Inc. increased its holdings in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 77 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Carpenter Technology during the 4th quarter valued at about $44,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Carpenter Technology during the first quarter worth approximately $49,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Up 1.1%

Shares of NYSE CRS opened at $242.46 on Tuesday. The stock has a market cap of $12.09 billion, a PE ratio of 32.68, a PEG ratio of 1.09 and a beta of 1.53. The business has a fifty day moving average of $253.48 and a two-hundred day moving average of $229.94. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $290.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The firm had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same quarter in the previous year, the company posted $1.82 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology’s payout ratio is currently 10.78%.

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the transaction, the director directly owned 180,000 shares in the company, valued at $44,240,400. This trade represents a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 over the last three months. 2.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a report on Tuesday, June 17th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $278.33.

About Carpenter Technology

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.