Pacer Advisors Inc. Has $2.70 Million Stock Position in Carpenter Technology Corporation $CRS

Pacer Advisors Inc. raised its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 30.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,565 shares of the basic materials company’s stock after acquiring an additional 1,990 shares during the quarter. Pacer Advisors Inc.’s holdings in Carpenter Technology were worth $2,697,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology in the second quarter worth $28,000. Armstrong Advisory Group Inc. grew its position in Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares in the last quarter. Spire Wealth Management grew its position in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares in the last quarter. Headlands Technologies LLC bought a new position in Carpenter Technology in the second quarter valued at $43,000. Finally, Rakuten Securities Inc. acquired a new stake in Carpenter Technology in the 2nd quarter valued at $45,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of CRS opened at $579.44 on Wednesday. The company has a market cap of $28.79 billion, a price-to-earnings ratio of 60.99, a PEG ratio of 2.02 and a beta of 1.25. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $597.52. The company’s fifty day simple moving average is $469.66 and its 200 day simple moving average is $397.27. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.88 earnings per share. On average, research analysts forecast that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is presently 8.42%.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director directly owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. BTIG Research raised their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Susquehanna lifted their target price on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, KeyCorp increased their price target on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a research report on Monday, May 4th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $458.62.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.