Carpenter Technology Corporation $CRS Stake Decreased by Castleark Management LLC

Castleark Management LLC reduced its holdings in Carpenter Technology Corporation (NYSE:CRS) by 43.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,700 shares of the basic materials company’s stock after selling 12,960 shares during the quarter. Castleark Management LLC’s holdings in Carpenter Technology were worth $4,616,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CRS. Radnor Capital Management LLC grew its stake in shares of Carpenter Technology by 3.3% in the second 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. ANB Bank lifted its holdings in Carpenter Technology by 3.3% in the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock worth $360,000 after purchasing an additional 42 shares during the period. Panagora Asset Management Inc. grew its position in Carpenter Technology by 3.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock valued at $404,000 after buying an additional 43 shares in the last quarter. Lazard Asset Management LLC increased its stake in Carpenter Technology by 7.7% during the 2nd quarter. Lazard Asset Management LLC now owns 857 shares of the basic materials company’s stock valued at $236,000 after buying an additional 61 shares during the period. Finally, Gabelli Funds LLC raised its position in shares of Carpenter Technology by 1.0% during the 1st quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company’s stock worth $1,921,000 after buying an additional 100 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology 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 report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price objective for the company. Finally, Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $371.14.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Brian J. Malloy sold 4,130 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the transaction, the chief operating officer owned 78,875 shares in the company, valued at approximately $23,940,140. This trade represents a 4.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Trading Down 0.2%

Shares of NYSE:CRS opened at $321.45 on Monday. The firm has a fifty day moving average of $298.18 and a two-hundred day moving average of $270.12. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $342.11. The firm has a market capitalization of $16.01 billion, a P/E ratio of 39.30, a price-to-earnings-growth ratio of 1.34 and a beta of 1.31.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. The business had revenue of $733.70 million during 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%.Carpenter Technology’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $1.73 earnings per share. On average, equities analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s payout ratio is currently 9.78%.

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.