Ion Asset Management Ltd. Acquires Shares of 16,400 Carpenter Technology Corporation $CRS

Ion Asset Management Ltd. purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,400 shares of the basic materials company’s stock, valued at approximately $4,027,000. Carpenter Technology accounts for about 0.4% of Ion Asset Management Ltd.’s portfolio, making the stock its 27th biggest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aspex Management HK Ltd bought a new stake in Carpenter Technology during the 3rd quarter worth about $136,215,000. TOMS Capital Investment Management LP acquired a new position in Carpenter Technology during the 2nd quarter valued at about $106,683,000. Qube Research & Technologies Ltd bought a new position in shares of Carpenter Technology in the 2nd quarter valued at about $80,711,000. Raymond James Financial Inc. grew its position in shares of Carpenter Technology by 244.3% during the 2nd quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock worth $113,669,000 after buying an additional 291,829 shares during the period. Finally, SurgoCap Partners LP grew its position in shares of Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after buying an additional 272,896 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 4.0%

Shares of NYSE CRS opened at $362.00 on Monday. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $412.31. The stock has a market cap of $18.03 billion, a price-to-earnings ratio of 42.04, a P/E/G ratio of 1.42 and a beta of 1.22. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The company’s fifty day moving average is $359.94 and its 200-day moving average is $312.36.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company had revenue of $728.00 million during the quarter, compared to the consensus estimate of $733.76 million. During the same period in the prior year, the company earned $1.66 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is 9.29%.

Wall Street Analysts Forecast Growth

CRS has been the topic of several analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Susquehanna started coverage on shares of Carpenter Technology in a report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 target price for the company. BTIG Research upped their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Finally, Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average target price of $385.50.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the sale, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 22,300 shares of company stock valued at $8,664,044 in the last three months. 2.90% of the stock is owned by 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.