Transamerica Financial Advisors LLC Buys New Position in Carpenter Technology Corporation $CRS

Transamerica Financial Advisors LLC purchased a new position in Carpenter Technology Corporation (NYSE:CRS) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 22,428 shares of the basic materials company’s stock, valued at approximately $13,835,000. Carpenter Technology accounts for about 1.2% of Transamerica Financial Advisors LLC’s portfolio, making the stock its 17th biggest position.

Several other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Carpenter Technology in the 2nd quarter worth $3,834,623,000. Jennison Associates LLC bought a new stake in shares of Carpenter Technology during the 1st quarter valued at about $317,411,000. SurgoCap Partners LP purchased a new position in shares of Carpenter Technology during the second quarter valued at about $423,444,000. Sands Capital Management LLC purchased a new position in shares of Carpenter Technology during the fourth quarter valued at about $195,731,000. Finally, Norges Bank bought a new position in Carpenter Technology in the fourth quarter worth about $195,254,000. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRS. Wall Street Zen lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. dropped their price target on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $577.25.

Carpenter Technology Stock Down 0.6%

Shares of NYSE:CRS opened at $483.19 on Thursday. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $561.77 and a two-hundred day simple moving average of $472.72. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The stock has a market capitalization of $23.95 billion, a price-to-earnings ratio of 45.93, a PEG ratio of 1.74 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same period in the prior year, the firm posted $2.21 earnings per share. The company’s quarterly revenue was up 12.6% on a year-over-year basis. On average, research analysts anticipate that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be paid 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 is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is currently 7.60%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.90% of the company’s stock.

About Carpenter Technology

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.