Arvin Capital Management LP Trims Position in Carpenter Technology Corporation $CRS

Arvin Capital Management LP lowered its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 49.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,579 shares of the basic materials company’s stock after selling 63,150 shares during the quarter. Carpenter Technology comprises about 3.7% of Arvin Capital Management LP’s holdings, making the stock its 12th largest position. Arvin Capital Management LP owned approximately 0.13% of Carpenter Technology worth $17,848,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CRS. Rise Advisors LLC purchased a new position in Carpenter Technology in the 1st quarter valued at $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at approximately $49,000. MAI Capital Management boosted its stake in shares of Carpenter Technology by 118.8% in the second quarter. MAI Capital Management now owns 221 shares of the basic materials company’s stock valued at $61,000 after buying an additional 120 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology in the first quarter valued at about $71,000. Finally, Penserra Capital Management LLC purchased a new stake in 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 Stock Performance

CRS stock opened at $322.31 on Wednesday. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. The firm has a market cap of $16.06 billion, a P/E ratio of 39.40, a P/E/G ratio of 1.41 and a beta of 1.47. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $342.11. The stock’s 50 day simple moving average is $280.08 and its 200 day simple moving average is $262.56.

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, topping analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. During the same quarter in the previous year, the company posted $1.73 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued 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 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 9.78%.

Analyst Ratings Changes

A number of analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective for the company in a research report on Thursday, November 13th. Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Finally, Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $371.14.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction dated 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 owned 180,000 shares of the company’s stock, valued at $44,240,400. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.