Dark Forest Capital Management LP Buys New Position in Carpenter Technology Co. (NYSE:CRS)

Dark Forest Capital Management LP purchased a new position in Carpenter Technology Co. (NYSE:CRS) in the second quarter, HoldingsChannel.com reports. The firm purchased 9,647 shares of the basic materials company’s stock, valued at approximately $1,057,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRS. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Carpenter Technology during the second quarter worth $812,000. Aristeia Capital L.L.C. purchased a new stake in Carpenter Technology during the 2nd quarter worth $422,000. Bank of Montreal Can lifted its holdings in Carpenter Technology by 260.4% in the 2nd quarter. Bank of Montreal Can now owns 77,547 shares of the basic materials company’s stock worth $8,512,000 after buying an additional 56,030 shares in the last quarter. Evergreen Capital Management LLC boosted its position in Carpenter Technology by 21.5% in the 2nd quarter. Evergreen Capital Management LLC now owns 4,071 shares of the basic materials company’s stock valued at $446,000 after buying an additional 721 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of Carpenter Technology by 7.8% during the second quarter. Public Sector Pension Investment Board now owns 109,187 shares of the basic materials company’s stock valued at $11,965,000 after acquiring an additional 7,905 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 1.1 %

Shares of NYSE CRS opened at $161.67 on Thursday. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $161.93. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 61.47, a price-to-earnings-growth ratio of 0.89 and a beta of 1.45. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. The stock’s 50 day simple moving average is $140.28 and its 200 day simple moving average is $109.96.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company had revenue of $798.70 million during the quarter, compared to the consensus estimate of $763.76 million. During the same quarter in the previous year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts expect that Carpenter Technology Co. will post 6.09 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 27th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Carpenter Technology’s payout ratio is currently 30.42%.

Wall Street Analyst Weigh In

CRS has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Carpenter Technology in a research note on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target on the stock. Northcoast Research reiterated a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a research note on Friday, June 14th. BTIG Research lifted their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Benchmark lifted their target price on Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, TD Cowen increased their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus price target of $139.60.

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.