State of New Jersey Common Pension Fund D Raises Position in Carpenter Technology Corporation $CRS

State of New Jersey Common Pension Fund D grew its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 2.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,869 shares of the basic materials company’s stock after buying an additional 418 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Carpenter Technology were worth $4,662,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Glass Jacobson Investment Advisors llc bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $259,000. AlphaQuest LLC bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $1,224,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $228,000. R Squared Ltd bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $342,000. Finally, Roman Butler Fullerton & Co. grew its stake in shares of Carpenter Technology by 21.6% during the second quarter. Roman Butler Fullerton & Co. now owns 5,420 shares of the basic materials company’s stock valued at $1,498,000 after buying an additional 964 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Jones Trading assumed coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price on the stock. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. TD Cowen raised their price objective on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology and gave the stock a “buy” rating in a report on Friday. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of Carpenter Technology in a report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $355.83.

Carpenter Technology Stock Up 1.4%

Shares of NYSE CRS opened at $318.56 on Tuesday. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $15.88 billion, a PE ratio of 38.94, a price-to-earnings-growth ratio of 1.42 and a beta of 1.46. The stock’s fifty day simple moving average is $247.57 and its two-hundred day simple moving average is $243.08. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $322.15.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.73 EPS. As a group, analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.78%.

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the sale, the chief executive officer owned 535,019 shares of the company’s stock, valued at $131,074,304.81. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares of the company’s stock, valued at $44,240,400. The trade was a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock valued at $6,890,250 in the last quarter. 2.90% of the stock is currently owned by corporate insiders.

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.