Carpenter Technology Corporation $CRS Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC trimmed its stake in Carpenter Technology Corporation (NYSE:CRS) by 42.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,396 shares of the basic materials company’s stock after selling 1,014 shares during the period. Sterling Capital Management LLC’s holdings in Carpenter Technology were worth $550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ion Asset Management Ltd. purchased a new stake in shares of Carpenter Technology in the 3rd quarter valued at about $4,027,000. Kinetic Partners Management LP boosted its position in shares of Carpenter Technology by 15.5% in the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after purchasing an additional 51,800 shares during the period. Dorsey Wright & Associates purchased a new position in Carpenter Technology during the 3rd quarter worth approximately $9,280,000. GW&K Investment Management LLC grew its stake in Carpenter Technology by 6.5% during the 3rd quarter. GW&K Investment Management LLC now owns 74,942 shares of the basic materials company’s stock worth $18,401,000 after buying an additional 4,606 shares during the last quarter. Finally, Tyro Capital Management LLC increased its position in Carpenter Technology by 62.5% during the third quarter. Tyro Capital Management LLC now owns 126,250 shares of the basic materials company’s stock worth $30,999,000 after buying an additional 48,576 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of the company’s 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 completion of the sale, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRS. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Susquehanna raised their target price on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. Wells Fargo & Company lifted their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. TD Cowen upped their price target on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Finally, Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $481.75.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $597.44 on Friday. The stock has a market capitalization of $29.69 billion, a PE ratio of 62.89, a price-to-earnings-growth ratio of 1.79 and a beta of 1.22. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $624.50. The stock’s 50-day moving average price is $492.09 and its 200 day moving average price is $411.49. 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 (NYSE:CRS) last posted its quarterly earnings data 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 firm had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same period in the prior year, the business earned $1.88 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. Carpenter Technology’s payout ratio is presently 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.