Capital Fund Management S.A. Sells 17,094 Shares of Carpenter Technology Corporation $CRS

Capital Fund Management S.A. lessened its position in Carpenter Technology Corporation (NYSE:CRS) by 56.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,378 shares of the basic materials company’s stock after selling 17,094 shares during the period. Capital Fund Management S.A.’s holdings in Carpenter Technology were worth $3,697,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Cetera Investment Advisers boosted its position in Carpenter Technology by 36.7% in the first quarter. Cetera Investment Advisers now owns 16,475 shares of the basic materials company’s stock valued at $2,985,000 after buying an additional 4,427 shares in the last quarter. LPL Financial LLC raised its stake in shares of Carpenter Technology by 34.1% in the first quarter. LPL Financial LLC now owns 54,526 shares of the basic materials company’s stock valued at $9,879,000 after acquiring an additional 13,857 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Carpenter Technology by 13.7% in the 1st quarter. Mackenzie Financial Corp now owns 3,492 shares of the basic materials company’s stock worth $633,000 after acquiring an additional 420 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Carpenter Technology by 20.1% in the 1st quarter. Federated Hermes Inc. now owns 5,635 shares of the basic materials company’s stock worth $1,021,000 after acquiring an additional 942 shares in the last quarter. Finally, Natixis Advisors LLC grew its position in Carpenter Technology by 36.5% during the 1st quarter. Natixis Advisors LLC now owns 22,333 shares of the basic materials company’s stock worth $4,046,000 after acquiring an additional 5,969 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Jones Trading started coverage on Carpenter Technology in a report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target for the company. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. 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 report on Monday, October 27th. Finally, TD Cowen boosted 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. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Price Performance

Shares of CRS stock opened at $312.45 on Wednesday. The firm has a market cap of $15.57 billion, a price-to-earnings ratio of 38.20, a PEG ratio of 1.33 and a beta of 1.31. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 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 stock has a 50-day moving average price of $287.39 and a 200 day moving average price of $265.69.

Carpenter Technology (NYSE:CRS) last released its earnings results 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. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. 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 prior year, the company posted $1.73 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. Research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 180,000 shares in the company, valued at $44,240,400. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Elizabeth A. Socci sold 3,900 shares of Carpenter Technology stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at approximately $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Company 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.