Nicholas Investment Partners LP Makes New Investment in Carpenter Technology Corporation $CRS

Nicholas Investment Partners LP purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, HoldingsChannel reports. The firm purchased 43,653 shares of the basic materials company’s stock, valued at approximately $26,927,000. Carpenter Technology makes up 1.5% of Nicholas Investment Partners LP’s portfolio, making the stock its 7th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $28,000. Keating Financial Advisory Services Inc. purchased a new stake in Carpenter Technology during the 2nd quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in Carpenter Technology during the 1st quarter worth approximately $30,000. SJS Investment Consulting Inc. grew its position in Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Carpenter Technology during the 2nd quarter worth approximately $43,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $477.50 on Tuesday. The stock has a fifty day moving average of $565.17 and a 200 day moving average of $470.71. The firm has a market capitalization of $23.66 billion, a price-to-earnings ratio of 45.39, a PEG ratio of 1.77 and a beta of 1.25. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. Carpenter Technology’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.21 earnings per share. As a group, research analysts expect that Carpenter Technology Corporation will post 13.08 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology’s payout ratio is 7.60%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. TD Cowen boosted their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. BTIG Research increased their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Wells Fargo & Company raised their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology currently has a consensus rating of “Buy” and a consensus price target of $577.25.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.