Texas Permanent School Fund Corp Reduces Holdings in Carpenter Technology Corporation $CRS

Texas Permanent School Fund Corp reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 19.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,478 shares of the basic materials company’s stock after selling 6,049 shares during the period. Texas Permanent School Fund Corp owned 0.05% of Carpenter Technology worth $7,042,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Advent International L.P. increased its position in Carpenter Technology by 12.1% during the first quarter. Advent International L.P. now owns 804,832 shares of the basic materials company’s stock worth $145,819,000 after buying an additional 87,186 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Carpenter Technology by 79.2% during the first quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock valued at $103,806,000 after acquiring an additional 253,163 shares during the last quarter. Forest Avenue Capital Management LP increased its position in Carpenter Technology by 81.8% during the 1st quarter. Forest Avenue Capital Management LP now owns 548,067 shares of the basic materials company’s stock worth $99,299,000 after purchasing an additional 246,599 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in Carpenter Technology during the 2nd quarter worth about $134,790,000. Finally, Raymond James Financial Inc. raised its stake in Carpenter Technology by 244.3% in the 2nd quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock valued at $113,669,000 after purchasing an additional 291,829 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $321.03 on Wednesday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $342.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The firm has a 50 day moving average price of $300.91 and a 200 day moving average price of $271.36. The company has a market cap of $15.99 billion, a price-to-earnings ratio of 39.25, a PEG ratio of 1.35 and a beta of 1.31.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. Carpenter Technology’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 earnings per share. Sell-side analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, October 21st. Carpenter Technology’s payout ratio is 9.78%.

Insider Activity

In other news, COO Brian J. Malloy sold 4,130 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the completion of the sale, the chief operating officer owned 78,875 shares in the company, valued at approximately $23,940,140. The trade was a 4.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the transaction, the vice president owned 9,594 shares in the company, valued at $3,082,072.50. The trade was a 28.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 79,358 shares of company stock valued at $24,254,008 over the last 90 days. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CRS has been the topic of several analyst reports. TD Cowen raised their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. BTIG Research upped their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Cowen restated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the stock a “buy” rating in a research note on Friday, October 24th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Company Profile

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.