State of Alaska Department of Revenue Decreases Position in Carpenter Technology Corporation $CRS

State of Alaska Department of Revenue lessened its holdings in Carpenter Technology Corporation (NYSE:CRS) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,585 shares of the basic materials company’s stock after selling 265 shares during the period. State of Alaska Department of Revenue’s holdings in Carpenter Technology were worth $1,543,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CRS. Rise Advisors LLC acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $31,000. IMA Advisory Services Inc. acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $36,000. Bessemer Group Inc. raised its holdings in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 77 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $49,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $71,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. BTIG Research restated a “buy” rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 17th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Carpenter Technology in a research note on Saturday, September 27th. Benchmark lifted their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $278.33.

Insider Buying and Selling

In related news, Director I Martin Inglis sold 5,691 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the sale, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. This represents a 1.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,124 shares of company stock valued at $6,890,250. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 0.0%

Shares of NYSE:CRS opened at $246.95 on Friday. The company has a market cap of $12.31 billion, a price-to-earnings ratio of 33.28, a PEG ratio of 1.12 and a beta of 1.46. The firm’s 50-day simple moving average is $247.03 and its 200-day simple moving average is $233.17. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $290.84.

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

Carpenter Technology Announces Dividend

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

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.