14,370 Shares in Carpenter Technology Corporation $CRS Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent filing with the SEC. The firm acquired 14,370 shares of the basic materials company’s stock, valued at approximately $8,864,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealthcare Advisory Partners LLC lifted its stake in shares of Carpenter Technology by 1.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after acquiring an additional 19 shares during the period. Meeder Advisory Services Inc. boosted its holdings in shares of Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after acquiring an additional 32 shares in the last quarter. Abel Hall LLC increased its stake in shares of Carpenter Technology by 3.2% during the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after acquiring an additional 32 shares during the period. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Carpenter Technology by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after acquiring an additional 34 shares during the period. Finally, Essential Partners LLC increased its stake in shares of Carpenter Technology by 9.9% during the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock worth $149,000 after acquiring an additional 34 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

Shares of CRS opened at $476.72 on Tuesday. The company has a 50-day simple moving average of $555.47 and a 200-day simple moving average of $475.21. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $23.63 billion, a PE ratio of 45.32, a P/E/G ratio of 1.71 and a beta of 1.25. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.21 earnings per share. Equities research analysts predict that Carpenter Technology Corporation will post 13.09 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 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 (DPR) is presently 7.60%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Wall Street Zen cut Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. TD Cowen increased their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Susquehanna reduced their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. decreased their price target on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. One investment 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, the stock has an average rating of “Buy” and an average target price of $577.25.

Insider Buying and Selling

In related news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the firm’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 value of $27,802,958.40. Following the completion of the transaction, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 109,721 shares of company stock valued at $53,091,824. Insiders own 2.90% of the company’s stock.

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.