Wakefield Asset Management LLLP Sells 1,478 Shares of Carpenter Technology Corporation $CRS

Wakefield Asset Management LLLP lowered its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 21.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,274 shares of the basic materials company’s stock after selling 1,478 shares during the period. Wakefield Asset Management LLLP’s holdings in Carpenter Technology were worth $1,458,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CRS. Egerton Capital UK LLP acquired a new stake in Carpenter Technology during the first quarter worth approximately $329,727,000. Invesco Ltd. grew its position in Carpenter Technology by 37.1% during the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock worth $381,869,000 after buying an additional 570,441 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Carpenter Technology during the second quarter worth approximately $134,790,000. Nuveen LLC acquired a new stake in Carpenter Technology during the first quarter worth approximately $63,136,000. Finally, Driehaus Capital Management LLC grew its position in Carpenter Technology by 79.2% during the first quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after buying an additional 253,163 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Trading Down 0.9%

Shares of CRS stock opened at $316.03 on Friday. The stock’s fifty day moving average price is $253.60 and its two-hundred day moving average price is $247.15. The company has a market cap of $15.74 billion, a PE ratio of 38.63, a P/E/G ratio of 1.41 and a beta of 1.46. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $330.50. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. During the same quarter last year, the business posted $1.73 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. Equities analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology’s dividend payout ratio (DPR) is 9.78%.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the sale, the director owned 180,000 shares of the company’s stock, valued at $44,240,400. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 in the last 90 days. 2.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CRS shares. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research report on Wednesday. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday, October 24th. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. Finally, TD Cowen raised their target price on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a report on Friday, October 24th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and a consensus target price of $369.67.

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.