SeaTown Holdings Pte. Ltd. Buys New Stake in Carpenter Technology Corporation $CRS

SeaTown Holdings Pte. Ltd. purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) in the second quarter, HoldingsChannel reports. The institutional investor purchased 33,000 shares of the basic materials company’s stock, valued at approximately $9,121,000. Carpenter Technology comprises about 5.4% of SeaTown Holdings Pte. Ltd.’s holdings, making the stock its 10th biggest holding.

Other large investors also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in shares of Carpenter Technology during the first quarter worth about $31,000. IMA Advisory Services Inc. acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at about $36,000. Bessemer Group Inc. boosted its position in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 77 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in Carpenter Technology during the 1st quarter worth approximately $49,000. Finally, Banque Cantonale Vaudoise acquired a new position in Carpenter Technology during the first quarter worth approximately $71,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “buy (b+)” rating on shares of Carpenter Technology in a report on Saturday, September 27th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 17th. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Benchmark upped their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a report on Monday, June 9th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $278.33.

Insider Buying and Selling at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares of the company’s stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the company’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the transaction, the director directly owned 180,000 shares in the company, valued at $44,240,400. This represents a 1.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Performance

NYSE:CRS opened at $251.95 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The firm has a market cap of $12.56 billion, a price-to-earnings ratio of 33.96, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. The firm’s fifty day moving average price is $246.54 and its 200 day moving average price is $234.27. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $290.84.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million during the quarter, compared to analysts’ expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business earned $1.82 EPS. On average, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology’s payout ratio is currently 10.78%.

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.