Capstone Investment Advisors LLC Takes $2.30 Million Position in Carpenter Technology Corporation $CRS

Capstone Investment Advisors LLC purchased a new position in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,732 shares of the basic materials company’s stock, valued at approximately $2,302,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology during the second quarter worth approximately $28,000. Keating Financial Advisory Services Inc. acquired a new stake in Carpenter Technology in the second quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Carpenter Technology in the first quarter valued at $30,000. SJS Investment Consulting Inc. boosted its stake in Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Carpenter Technology during the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insiders Place Their Bets

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the sale, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 109,721 shares of company stock valued at $53,091,824. 2.90% of the stock is owned by company insiders.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $490.70 on Friday. The company has a market cap of $24.32 billion, a PE ratio of 46.64, a P/E/G ratio of 1.74 and a beta of 1.25. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The firm has a 50-day simple moving average of $559.87 and a 200 day simple moving average of $473.59. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

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

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is currently 7.60%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CRS shares. Wall Street Zen downgraded shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. TD Cowen increased their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. KeyCorp decreased their price target on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. JPMorgan Chase & Co. lowered their price objective on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, Susquehanna cut their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. One 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. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $577.25.

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.