OP Asset Management Ltd Buys New Stake in Carpenter Technology Corporation $CRS

OP Asset Management Ltd purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,077 shares of the basic materials company’s stock, valued at approximately $819,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. Sands Capital Management LLC purchased a new position in Carpenter Technology in the fourth quarter valued at $195,731,000. Norges Bank purchased a new stake in shares of Carpenter Technology during the 4th quarter worth about $195,254,000. Aspex Management HK Ltd acquired a new stake in shares of Carpenter Technology during the 3rd quarter valued at about $136,215,000. TOMS Capital Investment Management LP acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $106,683,000. Finally, UBS Group AG increased its stake in shares of Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock valued at $190,951,000 after purchasing an additional 382,865 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $605.15 on Tuesday. The stock has a market capitalization of $30.07 billion, a price-to-earnings ratio of 63.70, a price-to-earnings-growth ratio of 2.04 and a beta of 1.25. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $608.52. The firm has a 50-day simple moving average of $482.35 and a 200-day simple moving average of $405.32.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $1.88 EPS. On average, equities analysts predict that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of analyst reports. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Wells Fargo & Company lifted their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. TD Cowen boosted their price target on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Finally, KeyCorp upped their price objective 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. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus price target of $458.62.

Insider Buying and Selling at Carpenter Technology

In other news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director owned 750 shares in the company, valued at $317,895. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by insiders.

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.