Louisiana State Employees Retirement System Acquires New Stake in Carpenter Technology Corporation $CRS

Louisiana State Employees Retirement System bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 14,400 shares of the basic materials company’s stock, valued at approximately $5,676,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRS. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $28,000. Armstrong Advisory Group Inc. increased its stake in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after buying an additional 43 shares during the period. Spire Wealth Management raised its position in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 84 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Carpenter Technology during the second quarter worth about $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology during the second quarter worth about $45,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred 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 transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was 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 trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CRS has been the topic of several analyst reports. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Susquehanna raised their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. Wells Fargo & Company boosted their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $458.62.

Carpenter Technology Stock Down 1.3%

Shares of NYSE:CRS opened at $591.27 on Friday. The company has a market capitalization of $29.38 billion, a price-to-earnings ratio of 62.24, a P/E/G ratio of 2.06 and a beta of 1.25. 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 business’s 50-day moving average is $478.82 and its 200-day moving average is $402.51. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $605.11.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS 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 for the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the prior year, the company earned $1.88 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts predict that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology’s payout ratio is 8.42%.

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.