Carpenter Technology Corporation $CRS Shares Purchased by Rafferty Asset Management LLC

Rafferty Asset Management LLC increased its position in Carpenter Technology Corporation (NYSE:CRS) by 1,390.6% in the third quarter, HoldingsChannel.com reports. The fund owned 12,953 shares of the basic materials company’s stock after buying an additional 12,084 shares during the period. Rafferty Asset Management LLC’s holdings in Carpenter Technology were worth $3,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of CRS. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology during the second quarter worth about $28,000. Root Financial Partners LLC purchased a new position in Carpenter Technology during the 3rd quarter worth approximately $41,000. MassMutual Private Wealth & Trust FSB lifted its stake in Carpenter Technology by 54.1% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology in the 2nd quarter valued at $43,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Carpenter Technology in the second quarter worth $45,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective for the company in a report on Thursday, November 13th. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Susquehanna began coverage on Carpenter Technology in a research report on Tuesday. They set a “positive” rating and a $470.00 price target for the company. Finally, TD Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $385.50.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% 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 43,688 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the sale, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $24,013,493.75. This represents a 35.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 97,758 shares of company stock valued at $31,665,177 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $411.90 on Thursday. The firm has a market cap of $20.52 billion, a PE ratio of 47.84, a P/E/G ratio of 1.57 and a beta of 1.22. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $412.31. 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 business has a 50-day moving average price of $351.01 and a 200 day moving average price of $304.64.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data 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 return on equity of 23.63% and a net margin of 14.77%.Carpenter Technology’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company earned $1.66 earnings per share. Sell-side analysts predict 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 given a dividend of $0.20 per share. The ex-dividend date is Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 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.