Magnetar Financial LLC Invests $2.40 Million in Carpenter Technology Corporation $CRS

Magnetar Financial LLC bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,787 shares of the basic materials company’s stock, valued at approximately $2,403,000.

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

Carpenter Technology Stock Down 7.3%

Shares of CRS stock opened at $378.40 on Friday. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $412.31. The stock has a market cap of $18.85 billion, a P/E ratio of 43.95, a P/E/G ratio of 1.60 and a beta of 1.22. The stock has a 50 day moving average of $359.47 and a 200 day moving average of $310.53. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last issued 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. 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 revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company earned $1.66 EPS. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Wall Street Analyst Weigh In

CRS has been the subject of a number of research analyst reports. Susquehanna initiated coverage on shares of Carpenter Technology in a report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price target for the company. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research report on Thursday, November 13th. BTIG Research raised their target price on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Finally, JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $385.50.

Insider Activity

In other news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 22,300 shares of company stock worth $8,664,044. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology 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.