Covestor Ltd Buys 2,688 Shares of Carpenter Technology Corporation $CRS

Covestor Ltd raised its stake in Carpenter Technology Corporation (NYSE:CRS) by 334.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,492 shares of the basic materials company’s stock after purchasing an additional 2,688 shares during the period. Carpenter Technology accounts for 0.6% of Covestor Ltd’s holdings, making the stock its 16th biggest holding. Covestor Ltd’s holdings in Carpenter Technology were worth $1,099,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Ion Asset Management Ltd. acquired a new position in shares of Carpenter Technology during the third quarter worth approximately $4,027,000. American Century Companies Inc. increased its stake in Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after purchasing an additional 18,201 shares in the last quarter. Kinetic Partners Management LP raised its holdings in 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 buying an additional 51,800 shares during the last quarter. WCM Investment Management LLC raised its holdings in 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 worth $86,261,000 after buying an additional 156,554 shares during the last quarter. Finally, Bright Futures Wealth Management LLC. bought a new position in shares of Carpenter Technology in the third quarter valued at $674,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRS. KeyCorp boosted their target price on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Weiss Ratings raised shares of Carpenter Technology from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, May 8th. Susquehanna lifted their price target on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Finally, JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $438.78.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $405.73 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The firm has a 50-day moving average of $411.44 and a 200-day moving average of $363.79. Carpenter Technology Corporation has a one year low of $219.58 and a one year high of $475.69. The company has a market cap of $20.16 billion, a P/E ratio of 42.71, a P/E/G ratio of 1.51 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million for the quarter, compared to analysts’ expectations of $797.00 million. During the same period in the previous year, the company earned $1.88 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts forecast that Carpenter Technology Corporation will post 10.43 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology’s payout ratio is presently 8.42%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the company’s 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 owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 34,865 shares of company stock valued at $14,196,607. Insiders own 2.90% of the company’s stock.

Carpenter Technology 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.