Calamos Advisors LLC Increases Stake in Carpenter Technology Corporation $CRS

Calamos Advisors LLC grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 118.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,112 shares of the basic materials company’s stock after purchasing an additional 10,920 shares during the quarter. Calamos Advisors LLC’s holdings in Carpenter Technology were worth $5,559,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CRS. M&T Bank Corp boosted its position in Carpenter Technology by 3.9% during the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock valued at $279,000 after buying an additional 58 shares during the period. CWM LLC boosted its holdings in shares of Carpenter Technology by 23.0% during the first quarter. CWM LLC now owns 2,130 shares of the basic materials company’s stock worth $386,000 after purchasing an additional 398 shares during the period. Victory Capital Management Inc. grew its stake in shares of Carpenter Technology by 40.3% in the first quarter. Victory Capital Management Inc. now owns 22,408 shares of the basic materials company’s stock worth $4,060,000 after purchasing an additional 6,438 shares during the last quarter. Morse Asset Management Inc increased its holdings in Carpenter Technology by 18.5% during the 1st quarter. Morse Asset Management Inc now owns 802 shares of the basic materials company’s stock valued at $145,000 after purchasing an additional 125 shares during the period. Finally, IFP Advisors Inc increased its holdings in Carpenter Technology by 1,121.7% during the 1st quarter. IFP Advisors Inc now owns 562 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 516 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Trading Down 2.2%

Shares of NYSE CRS opened at $324.69 on Friday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $342.11. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The firm has a 50-day moving average of $267.98 and a 200 day moving average of $255.40. The stock has a market cap of $16.18 billion, a P/E ratio of 39.69, a price-to-earnings-growth ratio of 1.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last announced 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 net margin of 14.30% and a return on equity of 22.68%. The business had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. During the same quarter last year, the firm earned $1.73 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is presently 9.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BTIG Research lifted their price objective on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. TD Cowen upped their price objective on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, October 24th. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. Finally, KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research note on Thursday. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $371.14.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the business’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 sale, the director directly owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by insiders.

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.