Carpenter Technology Corporation $CRS Shares Sold by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust decreased its position in Carpenter Technology Corporation (NYSE:CRS) by 22.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,876 shares of the basic materials company’s stock after selling 10,186 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in Carpenter Technology were worth $14,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ion Asset Management Ltd. purchased a new position in shares of Carpenter Technology in the third quarter worth about $4,027,000. Kinetic Partners Management LP lifted its holdings in shares of Carpenter Technology by 15.5% during the third quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock worth $94,901,000 after purchasing an additional 51,800 shares during the period. Dorsey Wright & Associates purchased a new stake in Carpenter Technology in the third quarter valued at approximately $9,280,000. Jain Global LLC boosted its position in Carpenter Technology by 322.9% in the third quarter. Jain Global LLC now owns 105,640 shares of the basic materials company’s stock valued at $25,939,000 after buying an additional 80,661 shares during the last quarter. Finally, Covestor Ltd boosted its position in Carpenter Technology by 334.3% in the fourth quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock valued at $1,099,000 after buying an additional 2,688 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

CRS has been the subject of a number of recent research reports. BTIG Research raised their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price objective 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. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. TD Cowen raised their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday. Finally, Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $527.38.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 750 shares of the 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 sale, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the 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 directly owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by company insiders.

Carpenter Technology Stock Down 2.1%

Shares of CRS opened at $566.58 on Tuesday. The company has a market capitalization of $28.15 billion, a price-to-earnings ratio of 59.64, a PEG ratio of 1.68 and a beta of 1.22. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The stock’s 50-day moving average price is $515.33 and its 200-day moving average price is $424.57. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. During the same period last year, the business earned $1.88 earnings per share. Carpenter Technology’s quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Dividend Announcement

The company 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. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.