Granahan Investment Management LLC Sells 2,262 Shares of Carpenter Technology Corporation $CRS

Granahan Investment Management LLC lessened its holdings in Carpenter Technology Corporation (NYSE:CRS) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 267,175 shares of the basic materials company’s stock after selling 2,262 shares during the quarter. Carpenter Technology accounts for approximately 3.6% of Granahan Investment Management LLC’s investment portfolio, making the stock its 3rd biggest position. Granahan Investment Management LLC’s holdings in Carpenter Technology were worth $84,117,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. State Street Corp boosted its holdings in shares of Carpenter Technology by 10.1% in 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 purchasing an additional 192,533 shares in the last quarter. Egerton Capital UK LLP boosted its holdings in shares of Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after purchasing an additional 178,679 shares in the last quarter. SurgoCap Partners LP boosted its holdings in shares of Carpenter Technology by 29.5% in the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after purchasing an additional 272,896 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Carpenter Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after purchasing an additional 78,588 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Carpenter Technology by 9.1% in the 4th quarter. Barclays PLC now owns 645,620 shares of the basic materials company’s stock valued at $203,267,000 after purchasing an additional 53,639 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. TD Cowen raised their target price on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. BTIG Research increased their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. increased their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $458.63.

Carpenter Technology Stock Down 0.4%

Shares of CRS opened at $561.13 on Wednesday. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $574.52. The stock has a market capitalization of $27.88 billion, a price-to-earnings ratio of 59.07, a PEG ratio of 1.94 and a beta of 1.25. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The stock has a fifty day moving average of $453.02 and a 200-day moving average of $387.79.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. During the same period in the prior year, the company earned $1.88 EPS. Carpenter Technology’s revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is presently 8.42%.

Insiders Place Their Bets

In other news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director owned 750 shares of the company’s stock, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by corporate insiders.

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.