35,503 Shares in Carpenter Technology Corporation $CRS Acquired by M&G PLC

M&G PLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,503 shares of the basic materials company’s stock, valued at approximately $13,811,000. M&G PLC owned approximately 0.07% of Carpenter Technology at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. AlphaCore Capital LLC grew its stake in Carpenter Technology by 108.2% during the 3rd quarter. AlphaCore Capital LLC now owns 2,956 shares of the basic materials company’s stock worth $1,149,000 after buying an additional 1,536 shares during the last quarter. Candriam S.C.A. acquired a new stake in Carpenter Technology in the third quarter valued at about $3,579,000. Ethic Inc. boosted its stake in shares of Carpenter Technology by 24.6% in the third quarter. Ethic Inc. now owns 7,338 shares of the basic materials company’s stock valued at $2,853,000 after buying an additional 1,450 shares in the last quarter. StoneX Group Inc. purchased a new stake in shares of Carpenter Technology during the 3rd quarter worth $460,000. Finally, Pictet Asset Management Holding SA boosted its holdings in Carpenter Technology by 311.5% during the third quarter. Pictet Asset Management Holding SA now owns 30,390 shares of the basic materials company’s stock worth $11,816,000 after buying an additional 23,005 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the topic of several research reports. BTIG Research lowered their target price on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. JPMorgan Chase & Co. reduced their price target on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. KeyCorp cut Carpenter Technology from an “overweight” rating to a “sector weight” rating in a report on Monday, October 26th. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. Finally, TD Cowen dropped their target price on Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a research note on Friday, October 9th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $476.43.

Carpenter Technology Price Performance

CRS stock opened at $298.24 on Wednesday. The stock has a 50-day moving average price of $374.03 and a two-hundred day moving average price of $441.03. Carpenter Technology Corporation has a 12-month low of $270.49 and a 12-month high of $625.98. The company has a current ratio of 3.94, a quick ratio of 2.05 and a debt-to-equity ratio of 0.32. The company has a market cap of $14.78 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 1.08 and a beta of 1.43.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.21. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. The business had revenue of $634.80 million for the quarter, compared to analyst estimates of $830.85 million. During the same quarter in the previous year, the business posted $2.43 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, research analysts predict that Carpenter Technology Corporation will post 13.41 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology’s dividend payout ratio is presently 7.05%.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven E. Karol sold 3,275 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the sale, the director directly owned 177,000 shares of the company’s stock, valued at $83,912,160. This trade represents a 1.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,996 shares of company stock valued at $54,644,436 over the last quarter. Company insiders own 2.90% of the company’s stock.

About Carpenter Technology

Carpenter Technology Corporation develops, manufactures and distributes specialty alloys and engineered materials for applications that require high performance in demanding environments. Its products include specialty steels, nickel- and cobalt-based alloys, titanium alloys, and precision-engineered components. The company serves customers in industries including aerospace and defense, medical, energy, transportation and industrial manufacturing. Its materials are used in products and equipment where strength, heat resistance, corrosion resistance or other specialized properties are important.