Navellier & Associates Inc. lessened its holdings in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 3.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,515 shares of the basic materials company’s stock after selling 1,650 shares during the period. Carpenter Technology comprises approximately 1.8% of Navellier & Associates Inc.’s holdings, making the stock its 8th biggest holding. Navellier & Associates Inc. owned about 0.10% of Carpenter Technology worth $15,904,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Ion Asset Management Ltd. purchased a new position in shares of Carpenter Technology in the 3rd quarter valued at $4,027,000. Kinetic Partners Management LP raised its stake in shares of Carpenter Technology by 15.5% in the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after acquiring an additional 51,800 shares during the period. American Century Companies Inc. raised its stake in shares of Carpenter Technology by 4.0% in the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after acquiring an additional 18,201 shares during the period. WCM Investment Management LLC increased its stake in Carpenter Technology by 77.9% during the 3rd quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company’s stock worth $86,261,000 after buying an additional 156,554 shares during the period. Finally, Bright Futures Wealth Management LLC. purchased a new stake in Carpenter Technology during the 3rd quarter worth $674,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on CRS shares. KeyCorp lifted their price target on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a research note on Monday. Susquehanna lifted their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. TD Cowen lifted their price target on shares of Carpenter Technology from $430.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Finally, Wells Fargo & Company lifted their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $438.78.
Insider Activity
In related news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the sale, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 22,300 shares of company stock worth $8,664,044. 2.90% of the stock is currently owned by insiders.
Carpenter Technology Trading Up 3.9%
NYSE CRS opened at $444.42 on Wednesday. Carpenter Technology Corporation has a one year low of $204.47 and a one year high of $459.18. The company has a 50-day simple moving average of $405.47 and a 200-day simple moving average of $353.27. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The firm has a market capitalization of $22.08 billion, a PE ratio of 46.78, a price-to-earnings-growth ratio of 1.60 and a beta of 1.24.
Carpenter Technology (NYSE:CRS – Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same period in the previous year, the business posted $1.88 EPS. The company’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts forecast that Carpenter Technology Corporation will post 10.43 earnings per share for the current year.
Carpenter Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be given a $0.20 dividend. The ex-dividend date is Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.
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.
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