Wellington Management Group LLP boosted its stake in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 82.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 506,167 shares of the basic materials company’s stock after acquiring an additional 228,290 shares during the period. Wellington Management Group LLP owned 1.02% of Carpenter Technology worth $312,224,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Keating Financial Advisory Services Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Carpenter Technology in the first quarter worth $30,000. SJS Investment Consulting Inc. increased its position in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after buying an additional 36 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Carpenter Technology in the second quarter valued at $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Carpenter Technology in the second quarter valued at $56,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 109,721 shares of company stock valued at $53,091,824. 2.90% of the stock is owned by corporate insiders.
Carpenter Technology Trading Up 0.2%
Carpenter Technology (NYSE:CRS – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the company earned $2.21 earnings per share. As a group, analysts anticipate that Carpenter Technology Corporation will post 13.09 earnings per share for the current year.
Carpenter Technology Dividend Announcement
The business 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 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 7.60%.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on CRS shares. TD Cowen upped their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. KeyCorp lowered their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Finally, Susquehanna cut their target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Buy” and an average target price of $577.25.
View Our Latest Research Report on Carpenter Technology
Trending Headlines about Carpenter Technology
Here are the key news stories impacting Carpenter Technology this week:
- Positive Sentiment: Zacks Research raised earnings estimates across multiple periods, including FY2027 EPS to $12.80 from $12.75, FY2028 EPS to $15.08 from $14.99, and FY2029 EPS to $18.44 from $18.31. Quarterly estimates for 2027 and 2028 were also increased by $0.01 to $0.03 per share, signaling improving expectations for Carpenter Technology’s future profitability.
- Positive Sentiment: Zacks Research maintained a “Strong-Buy” rating on CRS. Its forecasts imply continued earnings growth beyond the current fiscal year, with FY2029 EPS projected well above the current-year consensus estimate of $13.08.
- Neutral Sentiment: The revisions were incremental rather than major changes to the earnings outlook. With CRS trading at a relatively elevated forward valuation after a strong 12-month advance, investors may be taking profits or demanding stronger near-term catalysts before bidding the shares higher.
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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