Legal & General Group Plc Takes Position in Carpenter Technology Corporation $CRS

Legal & General Group Plc purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 76,891 shares of the basic materials company’s stock, valued at approximately $47,429,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Carpenter Technology in the 2nd quarter valued at approximately $3,834,623,000. State Street Corp grew its holdings in Carpenter Technology by 10.1% during the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after buying an additional 192,533 shares during the last quarter. Invesco Ltd. grew its holdings in Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after buying an additional 327,302 shares during the last quarter. Egerton Capital UK LLP increased its position in Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after buying an additional 178,679 shares in the last quarter. Finally, SurgoCap Partners LP increased its position in Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after buying an additional 272,896 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRS. KeyCorp cut their price target on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Susquehanna dropped their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Wells Fargo & Company boosted their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. Finally, TD Cowen upped their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $577.25.

Insiders Place Their Bets

In related news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 1,953 shares in the company, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares of the company’s stock, valued at $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 109,721 shares of company stock valued at $53,091,824. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Down 2.7%

Shares of NYSE CRS opened at $477.32 on Friday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The firm’s 50 day moving average price is $557.70 and its 200 day moving average price is $473.62. The firm has a market cap of $23.66 billion, a P/E ratio of 45.37, a price-to-earnings-growth ratio of 1.76 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

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

Carpenter Technology Announces Dividend

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