Carpenter Technology Corporation $CRS Shares Bought by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lifted its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 220.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,902 shares of the basic materials company’s stock after buying an additional 11,621 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Carpenter Technology were worth $4,150,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in 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 worth $138,328,000 after acquiring an additional 71,872 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth about $134,790,000. Raymond James Financial Inc. increased its position in Carpenter Technology by 244.3% during the 2nd 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 in the last quarter. Franklin Resources Inc. increased its position in Carpenter Technology by 10.9% during the 2nd quarter. Franklin Resources Inc. now owns 393,039 shares of the basic materials company’s stock worth $108,628,000 after purchasing an additional 38,699 shares in the last quarter. Finally, TOMS Capital Investment Management LP purchased a new position in Carpenter Technology in the second quarter valued at approximately $106,683,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling at Carpenter Technology

In related news, COO Brian J. Malloy sold 43,688 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is owned by company insiders.

Analyst Ratings Changes

CRS has been the subject of several research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. BTIG Research increased their price target on Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a report on Monday, October 27th. KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective on the stock in a research note on Thursday, November 13th. Finally, Jones Trading began coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $371.14.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $336.21 on Monday. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $348.99. The business has a 50 day moving average price of $323.40 and a two-hundred day moving average price of $285.04. The firm has a market cap of $16.75 billion, a PE ratio of 41.10, a price-to-earnings-growth ratio of 1.40 and a beta of 1.29.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The company had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. During the same period in the prior year, the business posted $1.73 EPS. The business’s revenue was up 2.2% on a year-over-year basis. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed 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. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is 9.78%.

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.