Aspex Management HK Ltd Makes New Investment in Carpenter Technology Corporation $CRS

Aspex Management HK Ltd purchased a new position in Carpenter Technology Corporation (NYSE:CRS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 554,758 shares of the basic materials company’s stock, valued at approximately $136,215,000. Carpenter Technology comprises about 2.9% of Aspex Management HK Ltd’s holdings, making the stock its 13th largest holding. Aspex Management HK Ltd owned about 1.11% of Carpenter Technology at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. SurgoCap Partners LP boosted its position in Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after buying an additional 272,896 shares during the period. Barclays PLC grew its holdings in shares of Carpenter Technology by 5.8% during the 3rd quarter. Barclays PLC now owns 591,981 shares of the basic materials company’s stock worth $145,355,000 after acquiring an additional 32,645 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Carpenter Technology by 15.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock valued at $138,328,000 after purchasing an additional 71,872 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Carpenter Technology by 4.0% during the third quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after purchasing an additional 18,201 shares in the last quarter. Finally, Raymond James Financial Inc. grew its stake in Carpenter Technology by 244.3% in the second quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock worth $113,669,000 after purchasing an additional 291,829 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Transactions at Carpenter Technology

In other news, SVP James D. Dee sold 15,800 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the sale, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,300 shares of company stock worth $8,664,044 over the last 90 days. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. BTIG Research raised their price objective on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Susquehanna assumed coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price target for the company. TD Cowen restated a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $385.50.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $362.00 on Friday. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $412.31. The company has a 50 day moving average price of $359.94 and a 200 day moving average price of $311.36. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $18.03 billion, a P/E ratio of 42.04, a PEG ratio of 1.48 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.13. The firm had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the business posted $1.66 earnings per share. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were paid 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 of this dividend was Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is presently 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.