Carpenter Technology Corporation $CRS Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. lessened its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 11.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,722 shares of the basic materials company’s stock after selling 2,262 shares during the quarter. Cibc World Market Inc.’s holdings in Carpenter Technology were worth $4,106,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology in the second quarter worth $28,000. Root Financial Partners LLC purchased a new stake in Carpenter Technology during the 3rd quarter worth $41,000. MassMutual Private Wealth & Trust FSB increased its holdings in Carpenter Technology by 54.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares in the last quarter. Headlands Technologies LLC purchased a new position in Carpenter Technology in the second quarter valued at about $43,000. Finally, Rakuten Securities Inc. purchased a new position in Carpenter Technology in the second quarter valued at about $45,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CRS shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Jones Trading initiated 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. BTIG Research lifted their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. KeyCorp raised 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 report on Thursday, November 13th. Finally, Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $373.43.

Insider Activity at Carpenter Technology

In related news, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction 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 represents a 28.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Brian J. Malloy sold 43,688 shares of Carpenter Technology stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the completion of the transaction, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at approximately $24,013,493.75. This represents a 35.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 79,358 shares of company stock valued at $24,254,008. Insiders own 2.90% of the company’s stock.

Carpenter Technology Trading Up 3.0%

CRS opened at $378.93 on Monday. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $390.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. The stock has a market capitalization of $18.87 billion, a PE ratio of 44.01, a P/E/G ratio of 1.50 and a beta of 1.30. The firm’s fifty day moving average price is $332.44 and its 200 day moving average price is $292.19.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million during the quarter, compared to the consensus estimate of $733.76 million. During the same quarter in the previous year, the firm earned $1.66 EPS. The company’s revenue was up 7.5% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.29%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.