Dorsey Wright & Associates Takes $9.28 Million Position in Carpenter Technology Corporation $CRS

Dorsey Wright & Associates purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 37,796 shares of the basic materials company’s stock, valued at approximately $9,280,000. Carpenter Technology comprises about 2.1% of Dorsey Wright & Associates’ holdings, making the stock its 12th largest holding.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its holdings in Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after acquiring an additional 192,533 shares during the last quarter. SurgoCap Partners LP increased its stake in Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after acquiring an additional 272,896 shares during the last quarter. Ameriprise Financial Inc. raised its position in Carpenter Technology by 20.5% in the third quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company’s stock valued at $154,840,000 after purchasing an additional 107,552 shares during the period. Qube Research & Technologies Ltd raised its position in Carpenter Technology by 111.6% in the third quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company’s stock valued at $151,731,000 after purchasing an additional 325,919 shares during the period. Finally, Barclays PLC lifted its stake in shares of Carpenter Technology by 5.8% in the 3rd quarter. Barclays PLC now owns 591,981 shares of the basic materials company’s stock valued at $145,355,000 after purchasing an additional 32,645 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. BTIG Research increased their target price 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. JPMorgan Chase & Co. lifted their price target 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. Finally, Susquehanna started coverage on shares of Carpenter Technology in a research note on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price target on the stock. Nine 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $385.50.

Insider Buying and Selling

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. This represents a 1.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,300 shares of company stock valued at $8,664,044 in the last 90 days. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

CRS opened at $380.17 on Wednesday. The stock’s 50-day moving average price is $361.51 and its 200 day moving average price is $314.27. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $412.31. The firm has a market cap of $18.94 billion, a price-to-earnings ratio of 44.15, a PEG ratio of 1.47 and a beta of 1.22. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. The company had revenue of $728.00 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%.Carpenter Technology’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.66 EPS. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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