Alberta Investment Management Corp Decreases Stake in Carpenter Technology Corporation $CRS

Alberta Investment Management Corp cut its position in Carpenter Technology Corporation (NYSE:CRS) by 89.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,200 shares of the basic materials company’s stock after selling 28,386 shares during the period. Alberta Investment Management Corp’s holdings in Carpenter Technology were worth $884,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Rise Advisors LLC purchased a new position in shares of Carpenter Technology during the 1st quarter valued at approximately $31,000. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology during the 1st quarter valued at approximately $36,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Carpenter Technology during the 1st quarter valued at approximately $49,000. Banque Cantonale Vaudoise acquired a new stake in Carpenter Technology in the 1st quarter valued at $71,000. Finally, Penserra Capital Management LLC purchased a new stake in shares of Carpenter Technology during the second quarter worth about $71,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Trading Up 0.4%

NYSE CRS opened at $331.78 on Tuesday. The stock has a market capitalization of $16.53 billion, a PE ratio of 40.56, a price-to-earnings-growth ratio of 1.41 and a beta of 1.47. 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 firm has a 50 day moving average of $271.24 and a two-hundred day moving average of $258.07. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $342.11.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $733.70 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.73 EPS. As a group, research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be paid a $0.20 dividend. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is currently 9.78%.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CRS. TD Cowen lifted their target price on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Jones Trading began coverage on shares of Carpenter Technology in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target for the company. BTIG Research lifted their target price on Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research report on Monday, October 27th. JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Finally, Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Friday. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $371.14.

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.