19,918 Shares in Carpenter Technology Corporation $CRS Purchased by Asset Management One Co. Ltd.

Key Points

• Asset Management One acquired 19,918 shares of Carpenter Technology worth approximately $7.7 million, while institutional investors collectively own 92.03% of the company.
• Carpenter Technology reported quarterly EPS of $3.25, exceeding estimates of $3.04, although revenue of $634.8 million fell short of the $830.85 million consensus forecast.
• Analyst sentiment remains moderately bullish, with six Buy ratings and three Holds and an average price target of $476.43; the company also declared a quarterly dividend of $0.20 per share.

Asset Management One Co. Ltd. acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 19,918 shares of the basic materials company's stock, valued at approximately $7,745,000.

A number of other institutional investors have also recently bought and sold shares of CRS. BlackRock Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter worth about $3,834,623,000. Jennison Associates LLC purchased a new stake in Carpenter Technology during the 1st quarter worth $317,411,000. SurgoCap Partners LP acquired a new stake in Carpenter Technology in the 2nd quarter valued at $423,444,000. Bank of America Corp DE raised its position in Carpenter Technology by 101.9% in the first quarter. Bank of America Corp DE now owns 520,392 shares of the basic materials company's stock valued at $205,113,000 after purchasing an additional 262,701 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Carpenter Technology by 82.2% during the second quarter. Wellington Management Group LLP now owns 506,167 shares of the basic materials company's stock worth $312,224,000 after purchasing an additional 228,290 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, the director directly owned 1,953 shares of the company's stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven Karol sold 3,275 shares of the firm's stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the transaction, the director directly owned 177,000 shares in the company, valued at $83,912,160. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 112,996 shares of company stock worth $54,644,436. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $283.55 on Friday. The company has a market cap of $14.05 billion, a P/E ratio of 25.00, a price-to-earnings-growth ratio of 1.00 and a beta of 1.29. Carpenter Technology Corporation has a 12-month low of $273.45 and a 12-month high of $625.98. The company has a quick ratio of 2.05, a current ratio of 3.94 and a debt-to-equity ratio of 0.32. The company's fifty day moving average is $400.94 and its two-hundred day moving average is $442.45.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $3.25 EPS for the quarter, beating the consensus estimate of $3.04 by $0.21. The business had revenue of $634.80 million during the quarter, compared to analysts' expectations of $830.85 million. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. The firm's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.43 EPS. Equities analysts expect that Carpenter Technology Corporation will post 13.37 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, October 20th. Carpenter Technology's dividend payout ratio is 7.05%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Carpenter Technology from a "hold" rating to a "buy" rating in a research note on Saturday, October 24th. KeyCorp downgraded Carpenter Technology from an "overweight" rating to a "sector weight" rating in a research note on Monday, October 26th. BTIG Research reduced their price objective on Carpenter Technology from $620.00 to $470.00 and set a "buy" rating for the company in a research report on Friday, October 23rd. Weiss Ratings cut Carpenter Technology from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, October 22nd. Finally, Susquehanna reaffirmed a "positive" rating and set a $450.00 target price on shares of Carpenter Technology in a research note on Friday, October 23rd. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Carpenter Technology presently has a consensus rating of "Moderate Buy" and an average target price of $476.43.

Carpenter Technology Profile

Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.

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