Oppenheimer Asset Management Inc. Purchases Shares of 1,344 Carpenter Technology Corporation $CRS

Oppenheimer Asset Management Inc. bought a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,344 shares of the basic materials company’s stock, valued at approximately $371,000.

Other institutional investors also recently modified their holdings of the company. Radnor Capital Management LLC boosted its position in shares of Carpenter Technology by 3.3% during the 2nd quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock worth $343,000 after purchasing an additional 40 shares in the last quarter. M&T Bank Corp boosted its position in shares of Carpenter Technology by 3.9% during the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock worth $279,000 after purchasing an additional 58 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Carpenter Technology by 2.6% in the first quarter. Crossmark Global Holdings Inc. now owns 3,798 shares of the basic materials company’s stock worth $688,000 after acquiring an additional 97 shares in the last quarter. KLP Kapitalforvaltning AS boosted its holdings in Carpenter Technology by 1.1% in the first quarter. KLP Kapitalforvaltning AS now owns 9,600 shares of the basic materials company’s stock worth $1,739,000 after acquiring an additional 100 shares in the last quarter. Finally, Gabelli Funds LLC boosted its holdings in Carpenter Technology by 1.0% in the first quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company’s stock worth $1,921,000 after acquiring an additional 100 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Trading Down 0.9%

Shares of Carpenter Technology stock opened at $316.03 on Monday. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $330.50. The stock’s 50-day simple moving average is $253.60 and its 200 day simple moving average is $247.68. The stock has a market capitalization of $15.74 billion, a P/E ratio of 38.63, a P/E/G ratio of 1.41 and a beta of 1.46. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44.

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 analysts’ consensus estimates of $2.13 by $0.30. The company 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 firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.73 EPS. As a group, research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. 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 (DPR) is currently 9.78%.

Insider Activity

In other news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology 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 sale, the chief executive officer owned 535,019 shares of the company’s stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, September 9th. The shares were 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 approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRS. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on shares of Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. BTIG Research raised their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Finally, Jones Trading assumed coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target on the stock. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus target price of $369.67.

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.