Ethic Inc. Acquires Shares of 2,147 Carpenter Technology Corporation $CRS

Ethic Inc. acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,147 shares of the basic materials company’s stock, valued at approximately $592,000.

Other large investors have also recently bought and sold shares of the company. Stratos Wealth Partners LTD. raised its position in Carpenter Technology by 22.9% during the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company’s stock valued at $538,000 after buying an additional 553 shares during the period. Bessemer Group Inc. grew its holdings in 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 buying an additional 77 shares during the last quarter. Hancock Whitney Corp acquired a new stake in Carpenter Technology in the 1st quarter valued at approximately $819,000. Graham Capital Management L.P. grew its holdings in Carpenter Technology by 175.8% in the 1st quarter. Graham Capital Management L.P. now owns 3,643 shares of the basic materials company’s stock valued at $660,000 after buying an additional 2,322 shares during the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $678,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Weiss Ratings restated a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Jones Trading initiated coverage on Carpenter Technology in a research note 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 research note on Friday. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the company a “buy” rating in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $355.83.

Insider Activity

In other news, CEO Tony R. Thene sold 19,000 shares of the company’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 transaction, the chief executive officer owned 535,019 shares of the company’s stock, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven E. Karol sold 3,433 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director directly owned 180,000 shares in the company, valued at $44,240,400. This represents a 1.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is owned by insiders.

Carpenter Technology Price Performance

NYSE:CRS opened at $309.93 on Wednesday. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The stock’s 50 day moving average price is $248.95 and its two-hundred day moving average price is $244.08. The firm has a market capitalization of $15.44 billion, a price-to-earnings ratio of 37.89, a P/E/G ratio of 1.39 and a beta of 1.46. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $326.07.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data 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 firm had revenue of $733.70 million for 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%.The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.73 earnings per share. On average, analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology’s dividend payout ratio is presently 9.78%.

About Carpenter Technology

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.