Handelsbanken Fonder AB Purchases 2,800 Shares of Carpenter Technology Corporation $CRS

Handelsbanken Fonder AB raised its position in Carpenter Technology Corporation (NYSE:CRS) by 23.0% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 15,000 shares of the basic materials company’s stock after acquiring an additional 2,800 shares during the period. Handelsbanken Fonder AB’s holdings in Carpenter Technology were worth $3,683,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology in the second quarter worth $28,000. Root Financial Partners LLC acquired a new stake in Carpenter Technology in the 3rd quarter valued at $41,000. MassMutual Private Wealth & Trust FSB lifted its position in Carpenter Technology by 54.1% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after buying an additional 60 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Carpenter Technology during the 2nd quarter worth about $43,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Carpenter Technology during the 2nd quarter worth about $45,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Down 1.6%

CRS stock opened at $402.00 on Wednesday. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $410.10. The business’s 50 day simple moving average is $349.46 and its 200 day simple moving average is $303.88. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $20.02 billion, a PE ratio of 46.69, a PEG ratio of 1.60 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. During the same period in the previous year, the business posted $1.66 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is presently 9.29%.

Insider Activity at Carpenter Technology

In other news, Director Steven E. Karol sold 3,500 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Brian J. Malloy sold 43,688 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $304.45, for a total value of $13,300,811.60. Following the transaction, the chief operating officer owned 78,875 shares in the company, valued at approximately $24,013,493.75. This trade represents a 35.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 97,758 shares of company stock worth $31,665,177. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRS. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a research report on Thursday, November 13th. Susquehanna initiated coverage on Carpenter Technology in a research note on Tuesday. They set a “positive” rating and a $470.00 price objective on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Finally, BTIG Research boosted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus target price of $385.50.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.