Dearborn Partners LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS – Free Report) during the second quarter, Holdings Channel reports. The fund bought 3,550 shares of the basic materials company’s stock, valued at approximately $2,190,000.
Other hedge funds have also modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in Carpenter Technology in the 2nd quarter worth about $8,864,000. Capstone Investment Advisors LLC purchased a new stake in Carpenter Technology during the second quarter valued at about $2,302,000. Proficio Capital Partners LLC purchased a new stake in Carpenter Technology during the second quarter valued at about $924,000. Transamerica Financial Advisors LLC acquired a new position in shares of Carpenter Technology in the second quarter worth about $13,835,000. Finally, Corient Private Wealth LP acquired a new position in shares of Carpenter Technology in the second quarter worth about $3,053,000. 92.03% of the stock is owned by hedge funds and other institutional investors.
Carpenter Technology Stock Up 1.4%
CRS opened at $490.70 on Friday. The company has a market capitalization of $24.32 billion, a PE ratio of 46.64, a price-to-earnings-growth ratio of 1.74 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The business has a 50-day moving average of $559.87 and a 200-day moving average of $473.59.
Carpenter Technology Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.
Wall Street Analysts Forecast Growth
CRS has been the topic of several analyst reports. TD Cowen lifted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Susquehanna reduced their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Finally, Wall Street Zen downgraded shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $577.25.
View Our Latest Research Report on CRS
Insider Activity at Carpenter Technology
In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction 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 transaction, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 109,721 shares of company stock valued at $53,091,824 over the last three months. Insiders own 2.90% of the company’s stock.
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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