2,480 Shares in Carpenter Technology Corporation $CRS Acquired by Castleark Management LLC

Castleark Management LLC bought a new position in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, Holdings Channel reports. The fund bought 2,480 shares of the basic materials company’s stock, valued at approximately $1,530,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CRS. Nicholas Investment Partners LP purchased a new stake in shares of Carpenter Technology during the second quarter valued at $26,927,000. Legal & General Group Plc purchased a new position in Carpenter Technology in the 2nd quarter worth about $47,429,000. The Manufacturers Life Insurance Company purchased a new position in Carpenter Technology in the 2nd quarter worth about $16,875,000. Van Hulzen Asset Management LLC acquired a new stake in Carpenter Technology during the 2nd quarter worth about $378,000. Finally, SurgoCap Partners LP acquired a new stake in Carpenter Technology during the 2nd quarter worth about $423,444,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The stock was 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 in the company, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Performance

CRS stock opened at $483.19 on Thursday. The firm has a 50 day simple moving average of $561.77 and a 200 day simple moving average of $472.72. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The stock has a market cap of $23.95 billion, a P/E ratio of 45.93, a P/E/G ratio of 1.74 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share 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 firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter in the prior year, the business earned $2.21 EPS. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. Research analysts anticipate that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Wall Street Zen lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Wells Fargo & Company upped their price target 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. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a research note on Thursday, April 30th. Finally, KeyCorp lowered their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target 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.