Los Angeles Capital Management LLC Cuts Holdings in Carpenter Technology Corporation $CRS

Los Angeles Capital Management LLC trimmed its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 11.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,526 shares of the basic materials company’s stock after selling 4,304 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.07% of Carpenter Technology worth $11,009,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CRS. Ion Asset Management Ltd. acquired a new stake in Carpenter Technology in the third quarter valued at approximately $4,027,000. American Century Companies Inc. boosted its stake in Carpenter Technology by 4.0% in the third quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after acquiring an additional 18,201 shares in the last quarter. Kinetic Partners Management LP boosted its stake in Carpenter Technology by 15.5% in the third quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after acquiring an additional 51,800 shares in the last quarter. Bright Futures Wealth Management LLC. acquired a new stake in Carpenter Technology in the third quarter valued at approximately $674,000. Finally, Citigroup Inc. boosted its stake in Carpenter Technology by 64.3% in the third quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock valued at $8,648,000 after acquiring an additional 13,779 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent analyst reports. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. BTIG Research raised their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, KeyCorp raised their target price on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $458.63.

Insider Buying and Selling at Carpenter Technology

In other news, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Carpenter Technology Trading Up 3.4%

NYSE:CRS opened at $500.18 on Tuesday. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $501.79. The firm has a fifty day simple moving average of $433.74 and a 200-day simple moving average of $377.93. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $24.85 billion, a P/E ratio of 52.65, a PEG ratio of 1.79 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same period in the previous year, the firm posted $1.88 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 10.55 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s payout ratio is presently 8.42%.

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.