Meiji Yasuda Asset Management Co Ltd. Makes New $708,000 Investment in Carpenter Technology Corporation $CRS

Meiji Yasuda Asset Management Co Ltd. purchased a new position in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,147 shares of the basic materials company’s stock, valued at approximately $708,000.

A number of other institutional investors have also modified their holdings of CRS. Covestor Ltd boosted its position in Carpenter Technology by 334.3% during the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock valued at $1,099,000 after purchasing an additional 2,688 shares during the period. Focus Partners Advisor Solutions LLC acquired a new stake in Carpenter Technology in the second quarter worth $3,095,000. Peregrine Asset Advisers Inc. acquired a new stake in Carpenter Technology in the fourth quarter worth $4,062,000. SteelPeak Wealth LLC bought a new stake in Carpenter Technology in the first quarter valued at $2,593,000. Finally, Brookstone Capital Management acquired a new position in shares of Carpenter Technology during the first quarter valued at $2,876,000. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRS. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Wall Street Zen downgraded shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday. TD Cowen boosted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. KeyCorp decreased their target price on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $577.25.

Insider Transactions at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Up 1.6%

Shares of Carpenter Technology stock opened at $484.57 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The business’s fifty day moving average price is $563.64 and its two-hundred day moving average price is $471.76. The company has a market capitalization of $24.02 billion, a P/E ratio of 46.06, a PEG ratio of 1.71 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.21 earnings per share. As a group, research analysts forecast that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 7.60%.

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.