VIRGINIA RETIREMENT SYSTEMS ET Al Invests $7.70 Million in Carpenter Technology Corporation $CRS

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,482 shares of the basic materials company’s stock, valued at approximately $7,699,000.

A number of other large investors have also recently added to or reduced their stakes in CRS. California State Teachers Retirement System raised its stake in Carpenter Technology by 58,677.5% during the 2nd quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company’s stock valued at $20,906,110,000 after purchasing an additional 33,834,612 shares during the last quarter. BlackRock Inc. bought a new position in shares of Carpenter Technology in the second quarter valued at about $3,834,623,000. State Street Corp raised its position in Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after purchasing an additional 192,533 shares during the last quarter. Invesco Ltd. boosted its position in shares of Carpenter Technology by 18.8% in the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after purchasing an additional 327,302 shares during the last quarter. Finally, Egerton Capital UK LLP grew its holdings in Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after purchasing an additional 178,679 shares during the period. Institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CRS. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Monday, August 31st. TD Cowen lifted 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. BTIG Research upped their price objective on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wells Fargo & Company boosted their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. Finally, Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $577.25.

Insider Transactions at Carpenter Technology

In other news, Director Ramin Younessi sold 438 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tony Thene sold 57,456 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was 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 of the company’s stock, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 109,721 shares of company stock worth $53,091,824. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

Shares of CRS opened at $458.68 on Wednesday. The business’s fifty day moving average is $540.28 and its 200 day moving average is $479.20. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. 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 stock has a market cap of $22.73 billion, a P/E ratio of 43.60, a P/E/G ratio of 1.68 and a beta of 1.26.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $863.33 million. During the same quarter in the prior year, the business posted $2.21 EPS. The business’s revenue was up 12.6% compared to the same quarter last year. Sell-side analysts anticipate that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is 7.60%.

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.