Carpenter Technology Corporation $CRS is Granahan Investment Management LLC’s 8th Largest Position

Granahan Investment Management LLC increased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 16.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 269,437 shares of the basic materials company’s stock after purchasing an additional 37,768 shares during the quarter. Carpenter Technology accounts for approximately 2.7% of Granahan Investment Management LLC’s portfolio, making the stock its 8th biggest position. Granahan Investment Management LLC owned about 0.54% of Carpenter Technology worth $66,158,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Focus Partners Wealth boosted its stake in Carpenter Technology by 37.3% during the third quarter. Focus Partners Wealth now owns 6,037 shares of the basic materials company’s stock worth $1,477,000 after buying an additional 1,639 shares during the period. Clark Capital Management Group Inc. acquired a new stake in shares of Carpenter Technology during the third quarter valued at about $319,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Carpenter Technology in the 3rd quarter valued at approximately $228,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Carpenter Technology by 55.4% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,175 shares of the basic materials company’s stock worth $288,000 after acquiring an additional 419 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of Carpenter Technology by 3.8% in the 3rd quarter. California Public Employees Retirement System now owns 97,637 shares of the basic materials company’s stock worth $23,974,000 after acquiring an additional 3,548 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction on Thursday, February 19th. The stock was 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 directly owned 225,381 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 22,300 shares of company stock worth $8,664,044. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

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

Carpenter Technology Trading Down 4.0%

Shares of CRS stock opened at $362.00 on Monday. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $412.31. The company has a 50 day moving average price of $359.94 and a 200 day moving average price of $312.36. The stock has a market capitalization of $18.03 billion, a P/E ratio of 42.04, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25.

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

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were paid 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 (DPR) is presently 9.29%.

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.