6,806 Carpenter Technology Corporation $CRS Shares Sold by Tompkins Financial Corp

Key Points

• Tompkins Financial cut its Carpenter Technology stake by 98.3%, selling 6,806 shares and retaining 115 shares valued at approximately $45,000. Institutional investors collectively own 92.03% of CRS, although several funds added or initiated positions during the quarter.
• Analyst sentiment remains favorable, with eight Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $563.50, despite several firms lowering their targets.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. The company also paid a quarterly dividend of $0.20 per share, equal to a 0.2% annualized yield.

Tompkins Financial Corp lowered its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 98.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115 shares of the basic materials company's stock after selling 6,806 shares during the quarter. Tompkins Financial Corp's holdings in Carpenter Technology were worth $45,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bright Rock Capital Management LLC bought a new position in Carpenter Technology during the 3rd quarter valued at about $1,750,000. Argent Capital Management LLC grew its stake in shares of Carpenter Technology by 32.0% in the third quarter. Argent Capital Management LLC now owns 739 shares of the basic materials company's stock worth $287,000 after acquiring an additional 179 shares during the period. Eastern Bank grew its stake in shares of Carpenter Technology by 70.5% in the third quarter. Eastern Bank now owns 1,185 shares of the basic materials company's stock worth $461,000 after acquiring an additional 490 shares during the period. Polaris Financial Partners bought a new stake in shares of Carpenter Technology in the third quarter worth approximately $258,000. Finally, QRG Capital Management Inc. purchased a new position in shares of Carpenter Technology during the second quarter valued at approximately $302,000. 92.03% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,275 shares of the stock in a transaction 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 sale, the director owned 177,000 shares in the company, valued at $83,912,160. The trade was a 1.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 112,996 shares of company stock valued at $54,644,436 in the last ninety days. Insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

CRS has been the topic of a number of research analyst reports. KeyCorp lowered their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. Wall Street Zen raised shares of Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, September 12th. Zacks Research lowered shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 15th. JPMorgan Chase & Co. lowered their price target on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Finally, Wells Fargo & Company dropped their price target on Carpenter Technology from $540.00 to $430.00 and set an "equal weight" rating on the stock in a research note on Wednesday, September 30th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and an average target price of $563.50.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $393.61 on Tuesday. Carpenter Technology Corporation has a 52-week low of $233.77 and a 52-week high of $625.98. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The firm's fifty day moving average is $472.69 and its 200 day moving average is $481.23. The company has a market cap of $19.51 billion, a price-to-earnings ratio of 37.42, a PEG ratio of 1.37 and a beta of 1.29.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to analysts' expectations of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business's revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.21 EPS. Sell-side analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, August 25th. Carpenter Technology's dividend payout ratio (DPR) is presently 7.60%.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.

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