HighTower Advisors LLC Sells 3,501 Shares of Carpenter Technology Corporation $CRS

HighTower Advisors LLC decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 20.3% in the 3rd quarter, Holdings Channel reports. The firm owned 13,753 shares of the basic materials company’s stock after selling 3,501 shares during the quarter. HighTower Advisors LLC’s holdings in Carpenter Technology were worth $3,382,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CRS. WCM Investment Management LLC grew its holdings in shares of Carpenter Technology by 77.9% during the third quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company’s stock valued at $86,261,000 after buying an additional 156,554 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Carpenter Technology by 43.3% in the 2nd quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock worth $15,500,000 after acquiring an additional 16,954 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in Carpenter Technology in the 3rd quarter valued at about $1,373,000. Whitaker Myers Wealth Managers LTD. acquired a new position in Carpenter Technology during the 3rd quarter valued at about $797,000. Finally, Schroder Investment Management Group increased its holdings in Carpenter Technology by 11.1% during the 2nd quarter. Schroder Investment Management Group now owns 57,625 shares of the basic materials company’s stock worth $15,926,000 after purchasing an additional 5,757 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRS has been the topic of a number of recent research reports. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective for the company in a research note on Thursday, November 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. TD Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Finally, JPMorgan Chase & Co. increased their price target on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $373.43.

Insider Transactions at Carpenter Technology

In other news, 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 transaction, the director owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian J. Malloy sold 43,688 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the completion of the sale, the chief operating officer directly owned 78,875 shares in the company, valued at approximately $24,013,493.75. This trade represents a 35.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 81,958 shares of company stock valued at $25,475,053 in the last quarter. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $395.86 on Thursday. The business’s 50 day simple moving average is $343.60 and its 200 day simple moving average is $299.23. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $399.20. The company has a market cap of $19.72 billion, a price-to-earnings ratio of 45.98, a PEG ratio of 1.54 and a beta of 1.30. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. During the same period in the previous year, the company posted $1.66 earnings per share. The business’s revenue was up 7.5% on a year-over-year basis. Sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is 9.29%.

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.