WCM Investment Management LLC Acquires 156,554 Shares of Carpenter Technology Corporation $CRS

WCM Investment Management LLC grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 77.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 357,498 shares of the basic materials company’s stock after purchasing an additional 156,554 shares during the period. WCM Investment Management LLC owned about 0.72% of Carpenter Technology worth $86,261,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology during the second quarter worth $28,000. Root Financial Partners LLC purchased a new position in Carpenter Technology during the 3rd quarter worth $41,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of 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 acquiring an additional 60 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at about $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology during the second quarter valued at about $45,000. Institutional investors own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In other news, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the transaction, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian J. Malloy sold 43,688 shares of Carpenter Technology stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total value of $13,300,811.60. Following the completion of the transaction, the chief operating officer owned 78,875 shares of the company’s stock, valued at approximately $24,013,493.75. This trade represents a 35.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRS. Jones Trading began coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective for the company. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price for the company in a research report on Thursday, November 13th. Finally, TD Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Eight equities 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, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $373.43.

Carpenter Technology Stock Performance

NYSE:CRS opened at $311.20 on Tuesday. The company has a market capitalization of $15.50 billion, a P/E ratio of 36.14, a P/E/G ratio of 1.33 and a beta of 1.30. The business has a fifty day simple moving average of $324.51 and a two-hundred day simple moving average of $287.07. 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 $355.00.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company had revenue of $589.10 million during the quarter, compared to the consensus estimate of $733.76 million. During the same quarter in the prior year, the company earned $1.66 EPS. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is presently 9.29%.

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.