Icon Advisers Inc. Co. Trims Stake in Carpenter Technology Corporation $CRS

Icon Advisers Inc. Co. lowered its position in Carpenter Technology Corporation (NYSE:CRS) by 24.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,000 shares of the basic materials company’s stock after selling 4,500 shares during the period. Icon Advisers Inc. Co.’s holdings in Carpenter Technology were worth $3,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of CRS. Clearstead Advisors LLC raised its holdings in shares of Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after buying an additional 36 shares during the period. Glass Jacobson Investment Advisors llc lifted its stake in shares of Carpenter Technology by 3.9% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock worth $239,000 after acquiring an additional 37 shares during the last quarter. ANB Bank boosted its holdings in Carpenter Technology by 3.3% during the 2nd quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock valued at $360,000 after acquiring an additional 42 shares during the period. Panagora Asset Management Inc. boosted its holdings in Carpenter Technology by 3.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock valued at $404,000 after acquiring an additional 43 shares during the period. Finally, Independent Advisor Alliance grew its position in Carpenter Technology by 0.6% in the 3rd quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company’s stock valued at $1,639,000 after acquiring an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Transactions at Carpenter Technology

In related news, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Brian J. Malloy sold 4,130 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $23,940,140. This trade represents a 4.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 97,758 shares of company stock valued at $31,665,177. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Susquehanna assumed coverage on Carpenter Technology in a research note on Tuesday. They issued a “positive” rating and a $470.00 target price on the stock. TD Cowen reissued a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. BTIG Research upped their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Finally, KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective for the company in a report on Thursday, November 13th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $385.50.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $386.39 on Friday. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average price is $353.26 and its 200-day moving average price is $306.24. The firm has a market cap of $19.25 billion, a P/E ratio of 44.88, a P/E/G ratio of 1.55 and a beta of 1.22. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $412.31.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping 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 company had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same period in the prior year, the firm earned $1.66 earnings per share. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were issued a $0.20 dividend. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is currently 9.29%.

Carpenter Technology 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.