The Manufacturers Life Insurance Company Invests $16.88 Million in Carpenter Technology Corporation $CRS

The Manufacturers Life Insurance Company acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 27,357 shares of the basic materials company’s stock, valued at approximately $16,875,000. The Manufacturers Life Insurance Company owned about 0.06% of Carpenter Technology at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in Carpenter Technology in the 2nd quarter worth approximately $2,978,000. Covestor Ltd boosted its stake in shares of Carpenter Technology by 334.3% during the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after acquiring an additional 2,688 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $3,095,000. Peregrine Asset Advisers Inc. acquired a new stake in shares of Carpenter Technology during the 4th quarter valued at about $4,062,000. Finally, SteelPeak Wealth LLC purchased a new position in shares of Carpenter Technology in the 1st quarter valued at about $2,593,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Down 2.7%

Shares of NYSE:CRS opened at $477.32 on Friday. The firm has a market capitalization of $23.66 billion, a PE ratio of 45.37, a price-to-earnings-growth ratio of 1.76 and a beta of 1.25. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The firm’s 50-day moving average is $557.70 and its two-hundred day moving average is $473.62.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.21 earnings per share. Analysts predict that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology’s payout ratio is 7.60%.

Wall Street Analyst Weigh In

CRS has been the topic of a number of recent analyst reports. BTIG Research increased their price target on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Finally, Wells Fargo & Company boosted their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology has an average rating of “Buy” and an average price target of $577.25.

Insider Buying and Selling

In related news, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the transaction, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. This represents a 11.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director owned 1,953 shares of the company’s stock, valued at $963,121.95. This trade represents a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 109,721 shares of company stock valued at $53,091,824 over the last ninety days. 2.90% of the stock is owned by insiders.

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.