Verus Capital Partners LLC Purchases New Shares in Carpenter Technology Corporation $CRS

Verus Capital Partners LLC bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 1,106 shares of the basic materials company’s stock, valued at approximately $306,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Radnor Capital Management LLC boosted its holdings in Carpenter Technology by 3.3% during the second quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock worth $343,000 after purchasing an additional 40 shares during the last quarter. M&T Bank Corp increased 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 worth $279,000 after purchasing an additional 58 shares in the last quarter. KLP Kapitalforvaltning AS increased its position in Carpenter Technology by 1.1% in the 1st quarter. KLP Kapitalforvaltning AS now owns 9,600 shares of the basic materials company’s stock valued at $1,739,000 after acquiring an additional 100 shares during the period. Gabelli Funds LLC boosted its position in shares of Carpenter Technology by 1.0% during the 1st quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company’s stock valued at $1,921,000 after purchasing an additional 100 shares in the last quarter. Finally, Tlwm raised its holdings in shares of Carpenter Technology by 1.1% during the second quarter. Tlwm now owns 10,274 shares of the basic materials company’s stock valued at $2,840,000 after purchasing an additional 109 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

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 shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 28,124 shares of company stock valued at $6,890,250. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. 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. KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price for the company in a research report on Thursday. Jones Trading assumed coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price target on the stock. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Friday, October 24th. Finally, Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $371.14.

Carpenter Technology Stock Up 2.9%

CRS stock opened at $331.87 on Thursday. The business’s 50-day moving average is $266.30 and its two-hundred day moving average is $254.92. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The company has a market cap of $16.53 billion, a price-to-earnings ratio of 40.57, a P/E/G ratio of 1.41 and a beta of 1.47. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $338.08.

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

Carpenter Technology Announces Dividend

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

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.