Verus Capital Partners LLC Invests $306,000 in Carpenter Technology Corporation $CRS

Verus Capital Partners LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,106 shares of the basic materials company’s stock, valued at approximately $306,000.

Several other hedge funds also recently bought and sold shares of the stock. Radnor Capital Management LLC raised its stake in shares of Carpenter Technology by 3.3% in the 2nd quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock valued at $343,000 after acquiring an additional 40 shares during the period. M&T Bank Corp grew its holdings in shares of Carpenter Technology by 3.9% in the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 58 shares in the last quarter. KLP Kapitalforvaltning AS increased its position in shares of Carpenter Technology by 1.1% during the first quarter. KLP Kapitalforvaltning AS now owns 9,600 shares of the basic materials company’s stock worth $1,739,000 after acquiring an additional 100 shares during the period. Gabelli Funds LLC raised its stake in shares of Carpenter Technology by 1.0% in the first quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company’s stock valued at $1,921,000 after acquiring an additional 100 shares in the last quarter. Finally, Tlwm boosted its stake in shares of Carpenter Technology by 1.1% in the 2nd quarter. Tlwm now owns 10,274 shares of the basic materials company’s stock valued at $2,840,000 after buying an additional 109 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the topic of several research analyst reports. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday, October 24th. Jones Trading began coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price for the company. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. TD Cowen lifted their price objective on shares of Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Finally, Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Trading Up 2.9%

NYSE:CRS opened at $331.87 on Thursday. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $338.08. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The stock has a market cap of $16.53 billion, a price-to-earnings ratio of 40.57, a price-to-earnings-growth ratio of 1.41 and a beta of 1.47. The business’s 50-day simple moving average is $266.30 and its 200 day simple moving average is $254.92.

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

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.78%.

Insider Buying and Selling

In related news, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction that occurred 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 approximately $131,074,304.81. The trade was a 3.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the transaction, the director owned 180,000 shares in the company, valued at $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is owned by corporate insiders.

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.