American Century Companies Inc. Reduces Position in Carpenter Technology Corporation $CRS

American Century Companies Inc. trimmed its stake in Carpenter Technology Corporation (NYSE:CRS) by 23.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 449,501 shares of the basic materials company’s stock after selling 139,388 shares during the period. American Century Companies Inc. owned 0.90% of Carpenter Technology worth $124,234,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Bowen Hanes & Co. Inc. bought a new stake in Carpenter Technology during the second quarter valued at about $38,693,000. AXQ Capital LP bought a new position in shares of Carpenter Technology in the second quarter worth about $235,000. Journey Strategic Wealth LLC purchased a new position in shares of Carpenter Technology during the 2nd quarter valued at about $236,000. Franklin Resources Inc. grew its stake in shares of Carpenter Technology by 10.9% during the 2nd quarter. Franklin Resources Inc. now owns 393,039 shares of the basic materials company’s stock valued at $108,628,000 after acquiring an additional 38,699 shares during the period. Finally, MAI Capital Management increased its holdings in Carpenter Technology by 118.8% in the 2nd quarter. MAI Capital Management now owns 221 shares of the basic materials company’s stock worth $61,000 after acquiring an additional 120 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Jones Trading initiated coverage on shares of Carpenter Technology in a report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price target on the stock. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research note on Thursday, November 13th. Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. TD Cowen raised their price target on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a report on Friday, October 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Trading Up 2.1%

Shares of Carpenter Technology stock opened at $315.84 on Tuesday. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $342.11. 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 business has a 50-day moving average price of $278.46 and a 200-day moving average price of $261.79. The firm has a market cap of $15.73 billion, a price-to-earnings ratio of 38.61, a PEG ratio of 1.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The company had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. During the same period in the previous year, the business earned $1.73 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the firm’s 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 completion of the transaction, the director directly owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. This trade represents 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. Corporate insiders own 2.90% of the company’s stock.

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.