Cibc World Market Inc. Acquires Shares of 12,325 Carpenter Technology Corporation $CRS

Cibc World Market Inc. bought a new position in Carpenter Technology Corporation (NYSE:CRS) in the second quarter, HoldingsChannel reports. The fund bought 12,325 shares of the basic materials company’s stock, valued at approximately $7,603,000.

A number of other institutional investors also recently modified their holdings of CRS. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology during the second quarter valued at $28,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology during the 1st quarter worth about $30,000. SJS Investment Consulting Inc. lifted its holdings in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after buying an additional 36 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $43,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Transactions at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Trading 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. The company’s fifty day moving average price is $563.64 and its two-hundred day moving average price is $471.76. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The firm has a market capitalization of $24.02 billion, a PE ratio of 46.06, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.21 EPS. On average, analysts expect that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

CRS has been the subject of several analyst reports. BTIG Research lifted their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Wells Fargo & Company increased their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a report on Tuesday, August 4th. JPMorgan Chase & Co. decreased their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of “Buy” and a consensus target price of $577.25.

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.