Chase Investment Counsel Corp Reduces Stock Position in Carpenter Technology Corporation $CRS

Chase Investment Counsel Corp trimmed its holdings in Carpenter Technology Corporation (NYSE:CRS) by 31.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,472 shares of the basic materials company’s stock after selling 10,548 shares during the period. Carpenter Technology comprises approximately 1.7% of Chase Investment Counsel Corp’s holdings, making the stock its 20th largest holding. Chase Investment Counsel Corp’s holdings in Carpenter Technology were worth $5,763,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. WCM Investment Management LLC increased its position in shares of Carpenter Technology by 77.9% in the 3rd quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company’s stock worth $86,261,000 after purchasing an additional 156,554 shares during the last quarter. Prudential Financial Inc. grew its stake in Carpenter Technology by 43.3% in the second quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock worth $15,500,000 after purchasing an additional 16,954 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Carpenter Technology in the third quarter valued at about $1,373,000. Whitaker Myers Wealth Managers LTD. acquired a new stake in Carpenter Technology during the third quarter valued at approximately $797,000. Finally, Schroder Investment Management Group lifted its holdings in Carpenter Technology by 11.1% during the 2nd quarter. Schroder Investment Management Group now owns 57,625 shares of the basic materials company’s stock worth $15,926,000 after buying an additional 5,757 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Trading Down 1.1%

Shares of NYSE:CRS opened at $385.30 on Tuesday. 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 company’s 50-day moving average price is $340.58 and its 200 day moving average price is $297.54. The company has a market cap of $19.19 billion, a PE ratio of 44.75, a P/E/G ratio of 1.53 and a beta of 1.30. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $397.72.

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

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders 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 payout ratio is presently 9.29%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CRS. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. BTIG Research boosted their target price 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. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. TD Cowen reaffirmed 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. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $373.43.

Insiders Place Their Bets

In related news, COO Brian J. Malloy sold 43,688 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total value of $13,300,811.60. Following the completion of the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at $24,013,493.75. This represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Elizabeth A. Socci sold 3,900 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the transaction, the vice president owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This represents a 28.90% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 85,858 shares of company stock worth $26,727,928. 2.90% of the stock is owned by company 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.