Raymond James Financial Inc. Buys 9,079 Shares of Carpenter Technology Corporation $CRS

Raymond James Financial Inc. raised its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 8.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,448 shares of the basic materials company’s stock after purchasing an additional 9,079 shares during the period. Raymond James Financial Inc. owned approximately 0.24% of Carpenter Technology worth $21,641,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRS. Invesco Ltd. grew its position in Carpenter Technology by 37.1% during the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after acquiring an additional 570,441 shares during the last quarter. Egerton Capital UK LLP bought a new position in shares of Carpenter Technology during the 1st quarter valued at $329,727,000. SurgoCap Partners LP raised its position in Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after purchasing an additional 779,357 shares during the period. Third Point LLC lifted its stake in Carpenter Technology by 31.8% in the fourth quarter. Third Point LLC now owns 870,000 shares of the basic materials company’s stock worth $147,648,000 after purchasing an additional 210,000 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Carpenter Technology by 21.0% during the fourth quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company’s stock valued at $115,291,000 after buying an additional 117,759 shares during the period. Institutional investors own 92.03% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the transaction, the director directly owned 6,732 shares of the company’s stock, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,691 shares of company stock worth $6,290,207. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Trading Up 0.0%

CRS opened at $241.74 on Wednesday. Carpenter Technology Corporation has a one year low of $129.57 and a one year high of $290.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The business has a 50 day simple moving average of $264.14 and a two-hundred day simple moving average of $223.59. The firm has a market capitalization of $12.05 billion, a price-to-earnings ratio of 32.58, a PEG ratio of 1.12 and a beta of 1.44.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The firm had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the company earned $1.82 EPS. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. Analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology’s payout ratio is presently 10.78%.

Wall Street Analysts Forecast Growth

CRS has been the topic of several analyst reports. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Monday, August 4th. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, June 17th. Finally, Benchmark increased their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $278.33.

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.