Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its stake in Carpenter Technology Co. (NYSE:CRS – Free Report) by 0.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 51,363 shares of the basic materials company’s stock after selling 484 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned about 0.11% of Carpenter Technology worth $2,299,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in CRS. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Carpenter Technology by 15.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,194 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 828 shares during the period. Lisanti Capital Growth LLC bought a new position in Carpenter Technology during the first quarter worth about $2,879,000. Summit Global Investments lifted its stake in Carpenter Technology by 18.6% during the first quarter. Summit Global Investments now owns 16,836 shares of the basic materials company’s stock worth $754,000 after purchasing an additional 2,636 shares during the period. Barclays PLC lifted its stake in Carpenter Technology by 12.8% during the first quarter. Barclays PLC now owns 26,805 shares of the basic materials company’s stock worth $1,200,000 after purchasing an additional 3,037 shares during the period. Finally, Strengthening Families & Communities LLC lifted its stake in Carpenter Technology by 5.1% during the first quarter. Strengthening Families & Communities LLC now owns 15,156 shares of the basic materials company’s stock worth $65,605,000 after purchasing an additional 730 shares during the period. Institutional investors own 92.31% of the company’s stock.
Analyst Ratings Changes
Several research firms have recently weighed in on CRS. TheStreet raised shares of Carpenter Technology from a “c+” rating to a “b” rating in a report on Tuesday, June 20th. TD Cowen raised their price objective on shares of Carpenter Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Finally, StockNews.com began coverage on shares of Carpenter Technology in a report on Thursday. They set a “hold” rating for the company. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.
Insider Transactions at Carpenter Technology
In other news, SVP Brian J. Malloy sold 10,372 shares of Carpenter Technology stock in a transaction on Monday, July 31st. The shares were sold at an average price of $59.69, for a total transaction of $619,104.68. Following the transaction, the senior vice president now directly owns 51,551 shares of the company’s stock, valued at $3,077,079.19. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, SVP Brian J. Malloy sold 10,372 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $59.69, for a total value of $619,104.68. Following the sale, the senior vice president now directly owns 51,551 shares of the company’s stock, valued at approximately $3,077,079.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven E. Karol sold 810 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.55, for a total transaction of $49,045.50. Following the completion of the sale, the director now directly owns 229,733 shares in the company, valued at $13,910,333.15. The disclosure for this sale can be found here. Insiders own 3.50% of the company’s stock.
Carpenter Technology Price Performance
CRS opened at $57.48 on Friday. The company has a fifty day moving average price of $55.83 and a two-hundred day moving average price of $50.25. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.40 and a current ratio of 2.79. Carpenter Technology Co. has a 52 week low of $31.02 and a 52 week high of $61.02. The firm has a market capitalization of $2.81 billion, a PE ratio of 49.98 and a beta of 1.80.
Carpenter Technology (NYSE:CRS – Get Free Report) last released its earnings results on Thursday, July 27th. The basic materials company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. Carpenter Technology had a net margin of 2.21% and a return on equity of 4.21%. The firm had revenue of $758.10 million during the quarter, compared to analyst estimates of $743.07 million. The business’s quarterly revenue was up 34.5% compared to the same quarter last year. As a group, analysts anticipate that Carpenter Technology Co. will post 3.48 earnings per share for the current year.
Carpenter Technology Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Tuesday, August 22nd will be given a dividend of $0.20 per share. The ex-dividend date is Monday, August 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.39%. Carpenter Technology’s dividend payout ratio is 69.57%.
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.
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