Van ECK Associates Corp Raises Position in Carpenter Technology Corporation $CRS

Van ECK Associates Corp increased its stake in Carpenter Technology Corporation (NYSE:CRS) by 30.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,096 shares of the basic materials company’s stock after buying an additional 12,471 shares during the quarter. Van ECK Associates Corp owned about 0.11% of Carpenter Technology worth $32,752,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Wealthcare Advisory Partners LLC lifted its position in Carpenter Technology by 1.7% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after acquiring an additional 19 shares in the last quarter. Meeder Advisory Services Inc. grew its position in Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after acquiring an additional 32 shares in the last quarter. Abel Hall LLC grew its position in Carpenter Technology by 3.2% in the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after acquiring an additional 32 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Carpenter Technology by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after purchasing an additional 34 shares during the period. Finally, Essential Partners LLC raised its stake in shares of Carpenter Technology by 9.9% during the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock valued at $149,000 after purchasing an additional 34 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on CRS. Susquehanna reduced their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research report on Friday, July 31st. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. TD Cowen lifted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $577.25.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, 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 transaction of $27,802,958.40. Following the completion of the transaction, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 109,721 shares of company stock worth $53,091,824 over the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

Key Headlines Impacting Carpenter Technology

Here are the key news stories impacting Carpenter Technology this week:

• Positive Sentiment: Zacks Research raised earnings estimates across multiple periods, including FY2027 EPS to $12.80 from $12.75, FY2028 EPS to $15.08 from $14.99, and FY2029 EPS to $18.44 from $18.31. Quarterly estimates for 2027 and 2028 were also increased by $0.01 to $0.03 per share, signaling improving expectations for Carpenter Technology’s future profitability.
• Positive Sentiment: Zacks Research maintained a “Strong-Buy” rating on CRS. Its forecasts imply continued earnings growth beyond the current fiscal year, with FY2029 EPS projected well above the current-year consensus estimate of $13.08.
• Neutral Sentiment: The revisions were incremental rather than major changes to the earnings outlook. With CRS trading at a relatively elevated forward valuation after a strong 12-month advance, investors may be taking profits or demanding stronger near-term catalysts before bidding the shares higher.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $477.32 on Monday. 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 Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The business has a 50 day moving average price of $557.70 and a two-hundred day moving average price of $474.39. The firm has a market cap of $23.66 billion, a PE ratio of 45.37, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.21 EPS. Sell-side analysts expect that Carpenter Technology Corporation will post 13.09 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

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.