Sunpointe LLC Takes $1.36 Million Position in Carpenter Technology Corporation $CRS

Sunpointe LLC purchased a new position in Carpenter Technology Corporation (NYSE:CRS) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,525 shares of the basic materials company’s stock, valued at approximately $1,357,000.

Several other hedge funds also recently bought and sold shares of the company. TOMS Capital Investment Management LP purchased a new stake in Carpenter Technology in the 2nd quarter worth approximately $106,683,000. Qube Research & Technologies Ltd bought a new position in shares of Carpenter Technology in the second quarter worth $80,711,000. Raymond James Financial Inc. increased its holdings in shares of Carpenter Technology by 244.3% in the second quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock worth $113,669,000 after purchasing an additional 291,829 shares during the period. TimesSquare Capital Management LLC raised its position in shares of Carpenter Technology by 406.4% in the third quarter. TimesSquare Capital Management LLC now owns 306,970 shares of the basic materials company’s stock worth $75,373,000 after buying an additional 246,348 shares in the last quarter. Finally, HRT Financial LP bought a new stake in Carpenter Technology during the second quarter valued at $49,629,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CRS shares. 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 research note on Friday, January 30th. TD Cowen restated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. BTIG Research lifted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a report on Thursday, November 13th. Finally, Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $385.50.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were 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 directly owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Brian J. Malloy sold 4,130 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $303.52, for a total value of $1,253,537.60. Following the completion of the sale, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at approximately $23,940,140. This trade represents a 4.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 97,758 shares of company stock valued at $31,665,177 over the last three months. Insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Performance

NYSE:CRS opened at $395.14 on Friday. The company has a market capitalization of $19.68 billion, a price-to-earnings ratio of 45.89, a PEG ratio of 1.62 and a beta of 1.22. The business has a 50 day moving average of $352.22 and a 200 day moving average of $305.27. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $412.31.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the business earned $1.66 earnings per share. On average, sell-side analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Tuesday, January 27th. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.29%.

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.