Lee Johnson Capital Management LLC Acquires New Stake in Carpenter Technology Corporation $CRS

Lee Johnson Capital Management LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,013 shares of the basic materials company’s stock, valued at approximately $1,242,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Carpenter Technology during the second quarter worth about $3,834,623,000. State Street Corp lifted its position in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after purchasing an additional 192,533 shares during the last quarter. Invesco Ltd. lifted its position in Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after purchasing an additional 327,302 shares during the last quarter. Egerton Capital UK LLP grew its stake in Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after buying an additional 178,679 shares in the last quarter. Finally, SurgoCap Partners LP grew its stake in Carpenter Technology by 29.5% in the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after buying an additional 272,896 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Down 0.7%

Shares of CRS opened at $540.83 on Tuesday. The firm has a market cap of $26.80 billion, a P/E ratio of 51.41, a P/E/G ratio of 1.98 and a beta of 1.25. The stock has a 50 day simple moving average of $569.82 and a two-hundred day simple moving average of $464.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The business 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%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the business earned $2.21 earnings per share. On average, analysts forecast that Carpenter Technology Corporation will post 12.92 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. Carpenter Technology’s dividend payout ratio is 7.60%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRS. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. TD Cowen upped their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. Finally, BTIG Research raised their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $577.25.

Carpenter Technology Company 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.