2,000 Shares in Carpenter Technology Corporation $CRS Acquired by Freemont Management S.A.

Freemont Management S.A. purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,000 shares of the basic materials company’s stock, valued at approximately $778,000. Carpenter Technology makes up approximately 0.7% of Freemont Management S.A.’s investment portfolio, making the stock its 14th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. Kestra Advisory Services LLC grew its position in shares of Carpenter Technology by 0.8% in the 3rd quarter. Kestra Advisory Services LLC now owns 7,454 shares of the basic materials company’s stock worth $2,898,000 after buying an additional 57 shares during the period. Kestra Private Wealth Services LLC lifted its position in Carpenter Technology by 161.3% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 5,565 shares of the basic materials company’s stock valued at $2,164,000 after acquiring an additional 3,435 shares during the period. Provenance Wealth Advisors LLC purchased a new position in Carpenter Technology during the 3rd quarter valued at about $30,000. Integrity Alliance LLC. bought a new stake in Carpenter Technology during the third quarter worth about $332,000. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new stake in Carpenter Technology in the third quarter worth about $37,836,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,275 shares of Carpenter Technology stock in a transaction on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the sale, the director owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Tony R. Thene sold 57,456 shares of the business’s 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 completion of the transaction, the chief executive officer owned 439,631 shares of the company’s stock, valued at $212,737,440.90. This represents a 11.56% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. JPMorgan Chase & Co. lowered their target price on shares of Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. BTIG Research dropped their price target on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. TD Cowen cut their price target on Carpenter Technology from $650.00 to $500.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Finally, Weiss Ratings lowered Carpenter Technology from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, October 22nd. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $476.43.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $279.04 on Friday. Carpenter Technology Corporation has a 1 year low of $270.49 and a 1 year high of $625.98. The firm’s 50-day moving average is $385.28 and its 200 day moving average is $441.63. The stock has a market cap of $13.82 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.03 and a beta of 1.43. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.94 and a quick ratio of 2.05.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.21. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. The business had revenue of $634.80 million during the quarter, compared to analysts’ expectations of $830.85 million. During the same period in the previous year, the company earned $2.43 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. Sell-side analysts anticipate that Carpenter Technology Corporation will post 13.41 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Tuesday, October 20th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 20th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology’s dividend payout ratio is 7.05%.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.