M&G PLC Takes Position in Carpenter Technology Corporation $CRS

M&G PLC bought a new position in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 41,513 shares of the basic materials company’s stock, valued at approximately $11,458,000. M&G PLC owned about 0.08% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Egerton Capital UK LLP purchased a new position in shares of Carpenter Technology in the 1st quarter worth $329,727,000. Invesco Ltd. increased its stake in Carpenter Technology by 37.1% during the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock worth $381,869,000 after acquiring an additional 570,441 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Carpenter Technology in the 2nd quarter worth about $134,790,000. Nuveen LLC purchased a new stake in shares of Carpenter Technology during the 1st quarter worth about $63,136,000. Finally, Driehaus Capital Management LLC increased its position in Carpenter Technology by 79.2% during the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after purchasing an additional 253,163 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the sale, the director owned 180,000 shares of the company’s stock, valued at $44,240,400. The trade was a 1.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 535,019 shares of the company’s stock, valued at $131,074,304.81. This trade represents a 3.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,124 shares of company stock worth $6,890,250 in the last three months. 2.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Jones Trading started coverage on shares of Carpenter Technology in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price on the stock. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research note on Friday, October 24th. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $371.14.

Carpenter Technology Trading Up 2.9%

NYSE:CRS opened at $331.87 on Thursday. The firm has a market capitalization of $16.53 billion, a P/E ratio of 40.57, a P/E/G ratio of 1.41 and a beta of 1.47. The business has a 50 day simple moving average of $266.30 and a 200 day simple moving average of $254.92. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $338.08.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.73 earnings per share. Equities research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology Company 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.