VestGen Advisors LLC cut its holdings in shares of Carpenter Technology Corporation (NYSE:CRS – Free Report) by 74.6% in the third quarter, Holdings Channel reports. The institutional investor owned 1,598 shares of the basic materials company’s stock after selling 4,686 shares during the quarter. VestGen Advisors LLC’s holdings in Carpenter Technology were worth $621,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Asset Management One Co. Ltd. bought a new stake in shares of Carpenter Technology in the 3rd quarter worth approximately $7,745,000. John Boyer Inc. acquired a new stake in Carpenter Technology during the third quarter worth $80,000. Roman Butler Fullerton & Co. increased its holdings in Carpenter Technology by 17.4% in the 3rd quarter. Roman Butler Fullerton & Co. now owns 5,564 shares of the basic materials company’s stock valued at $2,106,000 after buying an additional 824 shares during the period. Oppenheimer & Co. Inc. increased its holdings in Carpenter Technology by 1.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,933 shares of the basic materials company’s stock valued at $1,529,000 after buying an additional 67 shares during the period. Finally, Park Avenue Securities LLC raised its stake in shares of Carpenter Technology by 10.3% in the 3rd quarter. Park Avenue Securities LLC now owns 4,193 shares of the basic materials company’s stock valued at $1,630,000 after buying an additional 392 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.
Insider Activity at Carpenter Technology
In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven Karol sold 3,275 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the transaction, the director owned 177,000 shares of the company’s stock, valued at $83,912,160. The trade was a 1.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 112,996 shares of company stock worth $54,644,436 in the last ninety days. 2.90% of the stock is owned by company insiders.
Analyst Ratings Changes
CRS has been the subject of a number of recent research reports. TD Cowen dropped their target price on Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a report on Friday, October 9th. BTIG Research lowered their price target on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. JPMorgan Chase & Co. dropped their price objective on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. KeyCorp cut Carpenter Technology from an “overweight” rating to a “sector weight” rating in a report on Monday, October 26th. Finally, Weiss Ratings lowered shares of Carpenter Technology from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 22nd. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $476.43.
Read Our Latest Stock Analysis on Carpenter Technology
Carpenter Technology Stock Performance
Shares of Carpenter Technology stock opened at $283.55 on Monday. The company has a market capitalization of $14.05 billion, a PE ratio of 25.00, a PEG ratio of 1.00 and a beta of 1.29. Carpenter Technology Corporation has a 12 month low of $273.45 and a 12 month high of $625.98. The company has a current ratio of 3.94, a quick ratio of 2.05 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $400.94 and its 200 day simple moving average is $442.45.
Carpenter Technology (NYSE:CRS – Get Free Report) last announced its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.21. The firm had revenue of $634.80 million during the quarter, compared to analyst estimates of $830.85 million. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.43 EPS. On average, research analysts predict that Carpenter Technology Corporation will post 13.37 EPS for the current year.
Carpenter Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, October 20th. Carpenter Technology’s payout ratio is currently 7.05%.
About Carpenter Technology
Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.
Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.
Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.
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