AXQ Capital LP Purchases Shares of 851 Carpenter Technology Corporation $CRS

AXQ Capital LP purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 851 shares of the basic materials company’s stock, valued at approximately $235,000.

Several other large investors have also recently made changes to their positions in the stock. Invesco Ltd. raised its position in Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after purchasing an additional 570,441 shares during the period. William Blair Investment Management LLC acquired a new stake in shares of Carpenter Technology in the second quarter valued at $134,790,000. Nuveen LLC purchased a new stake in shares of Carpenter Technology in the 1st quarter valued at $63,136,000. Driehaus Capital Management LLC lifted its stake in Carpenter Technology by 79.2% during the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after acquiring an additional 253,163 shares in the last quarter. Finally, Forest Avenue Capital Management LP lifted its stake in Carpenter Technology by 81.8% during the 1st quarter. Forest Avenue Capital Management LP now owns 548,067 shares of the basic materials company’s stock worth $99,299,000 after acquiring an additional 246,599 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 2.2%

CRS opened at $322.31 on Wednesday. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $342.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The stock has a market capitalization of $16.06 billion, a P/E ratio of 39.40, a price-to-earnings-growth ratio of 1.41 and a beta of 1.47. The business’s 50-day simple moving average is $280.08 and its 200-day simple moving average is $262.56.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. During the same quarter in the prior year, the business earned $1.73 EPS. Carpenter Technology’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is presently 9.78%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CRS. Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a report on Thursday, November 13th. Jones Trading assumed coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. Finally, BTIG Research increased their price objective on Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $371.14.

Insider Activity

In related news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology 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 sale, the director directly owned 180,000 shares in the company, valued at $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.90% of the company’s stock.

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.