Algert Global LLC Acquires 14,088 Shares of Carpenter Technology Corporation $CRS

Algert Global LLC raised its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 19.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,652 shares of the basic materials company’s stock after purchasing an additional 14,088 shares during the period. Algert Global LLC owned 0.18% of Carpenter Technology worth $21,522,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CRS. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $28,000. Root Financial Partners LLC bought a new position in shares of Carpenter Technology during the third quarter valued at approximately $41,000. MassMutual Private Wealth & Trust FSB lifted its stake in Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 60 shares during the period. Headlands Technologies LLC purchased a new stake in Carpenter Technology in the second quarter worth $43,000. Finally, Rakuten Securities Inc. bought a new stake in Carpenter Technology in the second quarter valued at $45,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Down 4.0%

Shares of Carpenter Technology stock opened at $362.00 on Friday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $412.31. The firm has a market cap of $18.03 billion, a price-to-earnings ratio of 42.04, a PEG ratio of 1.42 and a beta of 1.22. The company has a 50-day moving average of $359.94 and a 200 day moving average of $311.85. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.20 by $0.13. The business 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 quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.66 earnings per share. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, January 27th. Carpenter Technology’s payout ratio is currently 9.29%.

Wall Street Analyst Weigh In

Several brokerages have commented on CRS. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Susquehanna started coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target on the stock. BTIG Research increased their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $385.50.

Insider Buying and Selling

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on 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 completion of the transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the business’s stock in a transaction 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 completion of the sale, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 22,300 shares of company stock worth $8,664,044. Insiders own 2.90% of the company’s stock.

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.