3,732 Shares in Carpenter Technology Corporation $CRS Acquired by Capstone Investment Advisors LLC

Capstone Investment Advisors LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, HoldingsChannel reports. The fund bought 3,732 shares of the basic materials company’s stock, valued at approximately $2,302,000.

Several other hedge funds have also recently added to or reduced their stakes in CRS. Woodline Partners LP acquired a new position in Carpenter Technology during the 1st quarter worth $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after purchasing an additional 1,701 shares during the period. Focus Partners Wealth raised its stake in shares of Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 314 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Carpenter Technology during the second quarter valued at about $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carpenter Technology in the second quarter worth about $533,000. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the subject of a number of recent analyst reports. 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. Wells Fargo & Company upped their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. BTIG Research increased their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a report on Friday, July 31st. KeyCorp lowered 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. Finally, JPMorgan Chase & Co. dropped their target price on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $577.25.

Carpenter Technology Trading Up 1.4%

Shares of CRS stock opened at $490.70 on Friday. The stock has a 50-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 stock has a market capitalization of $24.32 billion, a P/E ratio of 46.64, a P/E/G 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 issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same period in the previous year, the business earned $2.21 earnings per share. Carpenter Technology’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, sell-side analysts expect that Carpenter Technology Corporation will post 13.08 earnings per share 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 paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is currently 7.60%.

Insider Activity at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director directly owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This represents a 11.56% 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 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.