Bornite Capital Management LP Sells 42,980 Shares of Carpenter Technology Corporation $CRS

Bornite Capital Management LP lessened its stake in Carpenter Technology Corporation (NYSE:CRS) by 32.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 90,220 shares of the basic materials company’s stock after selling 42,980 shares during the quarter. Carpenter Technology accounts for approximately 7.0% of Bornite Capital Management LP’s portfolio, making the stock its 3rd biggest position. Bornite Capital Management LP’s holdings in Carpenter Technology were worth $55,651,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Keating Financial Advisory Services Inc. purchased a new stake in shares of Carpenter Technology during the second quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Carpenter Technology in the first quarter valued at approximately $30,000. SJS Investment Consulting Inc. lifted its stake in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in Carpenter Technology in the second quarter worth approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $56,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Tony R. Thene sold 57,456 shares of the business’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 directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 109,721 shares of company stock worth $53,091,824 over the last ninety days. Insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

CRS stock opened at $472.19 on Wednesday. The business has a 50 day moving average price of $553.33 and a 200 day moving average price of $475.93. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The stock has a market cap of $23.40 billion, a price-to-earnings ratio of 44.88, a PEG ratio of 1.68 and a beta of 1.26. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same period in the prior year, the firm posted $2.21 earnings per share. The firm’s revenue was up 12.6% on a year-over-year basis. Equities research analysts anticipate that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Analyst Ratings Changes

CRS has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. 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. TD Cowen boosted their target price 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 raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Finally, Wall Street Zen lowered Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology presently has an average rating of “Buy” and an average target price of $577.25.

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.