WCM Investment Management LLC Raises Stock Position in Carpenter Technology Corporation $CRS

WCM Investment Management LLC increased its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 77.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 357,498 shares of the basic materials company’s stock after acquiring an additional 156,554 shares during the period. WCM Investment Management LLC’s holdings in Carpenter Technology were worth $86,261,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Prudential Financial Inc. raised its holdings in shares of Carpenter Technology by 43.3% in the 2nd quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock valued at $15,500,000 after acquiring an additional 16,954 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Carpenter Technology by 11.1% in the second quarter. Schroder Investment Management Group now owns 57,625 shares of the basic materials company’s stock worth $15,926,000 after purchasing an additional 5,757 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Carpenter Technology in the third quarter worth approximately $1,373,000. Whitaker Myers Wealth Managers LTD. purchased a new stake in Carpenter Technology in the third quarter valued at approximately $797,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Carpenter Technology by 15.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock valued at $138,328,000 after purchasing an additional 71,872 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

NYSE:CRS opened at $311.20 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $355.00. The firm has a market cap of $15.50 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The business has a 50 day moving average price of $324.51 and a 200-day moving average price of $287.07.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. The company had revenue of $589.10 million during the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.66 EPS. Equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.29%.

Insider Activity at Carpenter Technology

In other news, COO Brian J. Malloy sold 4,130 shares of Carpenter Technology stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total value of $1,253,537.60. Following the sale, the chief operating officer directly owned 78,875 shares in the company, valued at approximately $23,940,140. This trade represents a 4.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the transaction, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 79,358 shares of company stock valued at $24,254,008. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

CRS has been the subject of several research reports. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Jones Trading started coverage on shares of Carpenter Technology in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $373.43.

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.