Dearborn Partners LLC Purchases Shares of 3,550 Carpenter Technology Corporation $CRS

Dearborn Partners LLC purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,550 shares of the basic materials company’s stock, valued at approximately $2,190,000.

A number of other hedge funds also recently made changes to their positions in CRS. BlackRock Inc. bought a new position in Carpenter Technology in the 2nd quarter worth approximately $3,834,623,000. Jennison Associates LLC bought a new stake in Carpenter Technology during the 1st quarter valued at $317,411,000. SurgoCap Partners LP bought a new stake in Carpenter Technology during the 2nd quarter valued at $423,444,000. Sands Capital Management LLC bought a new stake in Carpenter Technology during the 4th quarter valued at $195,731,000. Finally, Norges Bank acquired a new position in Carpenter Technology during the 4th quarter worth $195,254,000. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the subject of several recent analyst reports. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. KeyCorp cut their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Wells Fargo & Company upped their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Susquehanna decreased their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Finally, TD Cowen raised their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Carpenter Technology currently has a consensus rating of “Buy” and an average price target of $577.25.

Insider Activity at Carpenter Technology

In related news, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. This represents a 11.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 109,721 shares of company stock worth $53,091,824 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Trading Up 1.4%

Shares of Carpenter Technology stock opened at $490.70 on Friday. The business has a fifty day simple moving average of $559.87 and a 200-day simple moving average of $473.59. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The firm has a market cap of $24.32 billion, a price-to-earnings ratio of 46.64, a price-to-earnings-growth ratio of 1.74 and a beta of 1.25. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same period in the previous year, the company earned $2.21 earnings per share. Carpenter Technology’s revenue was up 12.6% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology Corporation will post 13.08 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 7.60%.

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.