The Manufacturers Life Insurance Company Invests $16.88 Million in Carpenter Technology Corporation $CRS

The Manufacturers Life Insurance Company acquired a new position in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 27,357 shares of the basic materials company’s stock, valued at approximately $16,875,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Woodline Partners LP acquired a new stake in Carpenter Technology in the first quarter valued at approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after purchasing an additional 1,701 shares in the last quarter. Focus Partners Wealth lifted its holdings in Carpenter Technology by 7.3% in the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after buying an additional 314 shares in the last quarter. Quantbot Technologies LP acquired a new position in Carpenter Technology in the 2nd quarter worth $80,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Carpenter Technology in the 2nd quarter valued at about $533,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. dropped their price objective on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. BTIG Research raised their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. TD Cowen lifted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Wall Street Zen cut shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $577.25.

Insider Buying and Selling at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction dated 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 owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the sale, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. This represents a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 109,721 shares of company stock valued at $53,091,824. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Trading Down 2.7%

NYSE:CRS opened at $477.32 on Friday. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The firm has a market capitalization of $23.66 billion, a P/E ratio of 45.37, a P/E/G ratio of 1.76 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The business has a 50 day simple moving average of $557.70 and a 200 day simple moving average of $473.62.

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, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter last year, the company earned $2.21 EPS. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. Equities research analysts predict that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

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