Concurrent Investment Advisors LLC Acquires 15,729 Shares of Carpenter Technology Corporation $CRS

Concurrent Investment Advisors LLC grew its stake in Carpenter Technology Corporation (NYSE:CRS) by 287.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,206 shares of the basic materials company’s stock after purchasing an additional 15,729 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Carpenter Technology were worth $13,081,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CRS. BlackRock Inc. acquired a new position in shares of Carpenter Technology during the 2nd quarter worth about $3,834,623,000. State Street Corp lifted its holdings in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after acquiring an additional 192,533 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Carpenter Technology by 18.8% in the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after acquiring an additional 327,302 shares in the last quarter. Egerton Capital UK LLP grew its position in shares of Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after purchasing an additional 178,679 shares during the period. Finally, SurgoCap Partners LP boosted its holdings in shares of Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after buying an additional 272,896 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the company’s 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 transaction, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 109,721 shares of company stock valued at $53,091,824. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

CRS has been the topic of several recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Monday. Wells Fargo & Company boosted their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Susquehanna lowered their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research report on Friday, July 31st. Finally, Wall Street Zen cut Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Buy” and an average target price of $577.25.

Carpenter Technology Price Performance

NYSE:CRS opened at $476.34 on Friday. 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 12-month low of $228.00 and a 12-month high of $625.98. The stock’s 50 day moving average price is $546.01 and its two-hundred day moving average price is $477.19. The firm has a market capitalization of $23.61 billion, a price-to-earnings ratio of 45.28, a P/E/G ratio of 1.65 and a beta of 1.26.

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

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 7.60%.

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.