Carpenter Technology Co. (NYSE:CRS) Shares Acquired by Rubric Capital Management LP

Rubric Capital Management LP lifted its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 77.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 139,806 shares of the basic materials company’s stock after purchasing an additional 61,145 shares during the quarter. Rubric Capital Management LP owned about 0.28% of Carpenter Technology worth $15,320,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Cape Investment Advisory Inc. acquired a new stake in Carpenter Technology in the fourth quarter valued at approximately $29,000. Whittier Trust Co. purchased a new position in shares of Carpenter Technology during the first quarter worth approximately $30,000. Johnson Financial Group Inc. purchased a new position in shares of Carpenter Technology during the fourth quarter worth approximately $31,000. National Bank of Canada FI purchased a new position in shares of Carpenter Technology during the second quarter worth approximately $49,000. Finally, Westend Capital Management LLC purchased a new position in Carpenter Technology in the 1st quarter valued at $36,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective on the stock. BTIG Research lifted their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. TD Cowen raised their target price on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. Northcoast Research reaffirmed a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. Finally, Benchmark lifted their price target on Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Stock Up 1.0 %

CRS opened at $156.51 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 59.51, a price-to-earnings-growth ratio of 0.77 and a beta of 1.45. The business has a 50-day moving average of $137.83 and a two-hundred day moving average of $107.70. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $157.49.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.51 by $0.31. The company had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 EPS. On average, research analysts expect that Carpenter Technology Co. will post 6.06 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 27th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Tuesday, August 27th. Carpenter Technology’s dividend payout ratio is presently 30.42%.

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.