New York State Common Retirement Fund Lowers Stock Position in Carpenter Technology Corporation $CRS

New York State Common Retirement Fund reduced its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 35.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,144 shares of the basic materials company’s stock after selling 25,461 shares during the period. New York State Common Retirement Fund owned 0.09% of Carpenter Technology worth $11,576,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $28,000. Root Financial Partners LLC bought a new stake in Carpenter Technology during the third quarter worth $41,000. MassMutual Private Wealth & Trust FSB lifted its holdings in Carpenter Technology by 54.1% during the third 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 during the period. Headlands Technologies LLC purchased a new position in Carpenter Technology in the second quarter worth $43,000. Finally, Rakuten Securities Inc. bought a new position in Carpenter Technology in the 2nd quarter valued at $45,000. 92.03% of the stock is owned by institutional investors.

Insider Activity

In other news, COO Brian J. Malloy sold 4,130 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the sale, the chief operating officer directly owned 78,875 shares in the company, valued at $23,940,140. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the transaction, the vice president 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 SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 79,358 shares of company stock worth $24,254,008. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $339.06 on Wednesday. The firm’s 50 day moving average is $324.84 and its 200 day moving average is $287.43. The stock has a market capitalization of $16.89 billion, a P/E ratio of 39.38, a PEG ratio of 1.29 and a beta of 1.30. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $355.00. 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 earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business had revenue of $589.10 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter in the previous year, the firm posted $1.66 EPS. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th will be issued 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 of this dividend is Tuesday, January 27th. Carpenter Technology’s payout ratio is presently 9.29%.

Analyst Ratings Changes

CRS has been the topic of a number of recent analyst reports. BTIG Research lifted 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. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target for the company in a research note on Thursday, November 13th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Finally, TD Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $373.43.

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.