Allianz Asset Management GmbH Sells 7,715 Shares of Carpenter Technology Corporation $CRS

Allianz Asset Management GmbH lessened its position in Carpenter Technology Corporation (NYSE:CRS) by 6.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,823 shares of the basic materials company’s stock after selling 7,715 shares during the period. Allianz Asset Management GmbH owned 0.23% of Carpenter Technology worth $27,948,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Woodline Partners LP bought a new stake in shares of Carpenter Technology during the first quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after acquiring an additional 1,701 shares during the last quarter. Focus Partners Wealth increased its position in Carpenter Technology by 7.3% in the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after acquiring an additional 314 shares during the period. KLP Kapitalforvaltning AS raised its stake in shares of Carpenter Technology by 7.3% during the second quarter. KLP Kapitalforvaltning AS now owns 10,300 shares of the basic materials company’s stock valued at $2,847,000 after acquiring an additional 700 shares during the last quarter. Finally, Abel Hall LLC acquired a new position in shares of Carpenter Technology during the second quarter worth $287,000. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CRS shares. Jones Trading initiated coverage on Carpenter Technology in a report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective for the company. Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the company a “buy” rating in a research report on Friday, October 24th. TD Cowen restated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Finally, Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Eight equities research 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $373.43.

Insiders Place Their Bets

In other Carpenter Technology news, VP Elizabeth A. Socci sold 3,900 shares of Carpenter Technology stock in a transaction 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 approximately $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Brian J. Malloy sold 4,130 shares of the stock in a transaction dated 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 directly owned 78,875 shares in the company, valued at $23,940,140. This trade represents a 4.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 79,358 shares of company stock valued at $24,254,008 over the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 4.2%

Shares of NYSE:CRS opened at $348.20 on Friday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $355.00. 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 business’s 50-day moving average is $325.74 and its 200-day moving average is $288.18. The company has a market capitalization of $17.34 billion, a price-to-earnings ratio of 40.44, a P/E/G ratio of 1.32 and a beta of 1.30.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. The business had revenue of $589.10 million during the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.66 earnings per share. Equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 9.29%.

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