JPMorgan Chase & Co. Grows Stock Holdings in Carpenter Technology Corporation $CRS

JPMorgan Chase & Co. grew its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 5.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 208,919 shares of the basic materials company’s stock after purchasing an additional 10,148 shares during the period. JPMorgan Chase & Co. owned about 0.42% of Carpenter Technology worth $51,298,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRS. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology in the second quarter worth approximately $28,000. Root Financial Partners LLC purchased a new position in shares of Carpenter Technology during the third quarter worth approximately $41,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Carpenter Technology by 54.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 60 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $43,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Carpenter Technology in the 2nd quarter valued at $45,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the sale, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,300 shares of company stock valued at $8,664,044 in the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Trading Down 4.1%

Shares of CRS opened at $362.49 on Friday. The stock has a market capitalization of $18.06 billion, a P/E ratio of 42.10, a PEG ratio of 1.48 and a beta of 1.22. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $412.31. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The firm has a fifty day simple moving average of $364.25 and a two-hundred day simple moving average of $316.06.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. The firm had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.66 earnings per share. On average, research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Susquehanna began coverage on Carpenter Technology in a research note on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price objective on the stock. BTIG Research lifted their price objective on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average target price of $385.50.

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.