United Capital Financial Advisors LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,054 shares of the basic materials company’s stock, valued at approximately $650,000.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Carpenter Technology during the 2nd quarter valued at approximately $3,834,623,000. Jennison Associates LLC bought a new position in Carpenter Technology during the 1st quarter worth $317,411,000. SurgoCap Partners LP acquired a new stake in Carpenter Technology in the second quarter worth $423,444,000. Sands Capital Management LLC acquired a new stake in Carpenter Technology in the fourth quarter worth $195,731,000. Finally, Norges Bank bought a new stake in Carpenter Technology in the fourth quarter valued at $195,254,000. Institutional investors own 92.03% of the company’s stock.
Insider Activity
In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the business’s stock in a transaction dated 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 sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 109,721 shares of company stock worth $53,091,824. 2.90% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Read Our Latest Stock Analysis on Carpenter Technology
Carpenter Technology Stock Up 0.1%
Shares of Carpenter Technology stock opened at $476.72 on Tuesday. 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 1-year low of $228.00 and a 1-year high of $625.98. The business’s fifty day moving average price is $555.47 and its two-hundred day moving average price is $475.21. The company has a market capitalization of $23.63 billion, a P/E ratio of 45.32, a PEG ratio of 1.71 and a beta of 1.25.
Carpenter Technology (NYSE:CRS – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.21 earnings per share. As a group, research analysts forecast that Carpenter Technology Corporation will post 13.09 EPS for the current year.
Carpenter Technology Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.
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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