97,311 Shares of Carpenter Technology Corporation $CRS Bought by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group initiated a Carpenter Technology position of 97,311 shares, worth about $37.8 million and equal to 0.20% of the company.
• Analyst views remain generally positive, with six Buy and three Hold ratings and a $476.43 consensus price target, though several firms recently cut targets or downgraded their ratings.
• Carpenter Technology’s latest quarterly EPS of $3.25 topped estimates, while revenue of $634.8 million fell short of consensus; revenue rose 8.8% year over year.

Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 97,311 shares of the basic materials company's stock, valued at approximately $37,836,000. Sumitomo Mitsui Trust Group Inc. owned 0.20% of Carpenter Technology at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Wealthcare Advisory Partners LLC grew its position in shares of Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock valued at $708,000 after purchasing an additional 19 shares during the last quarter. Essential Partners LLC lifted its holdings in Carpenter Technology by 9.9% during the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock worth $149,000 after buying an additional 34 shares during the period. TrueWealth Advisors LLC boosted its position in Carpenter Technology by 1.3% during the second quarter. TrueWealth Advisors LLC now owns 2,789 shares of the basic materials company's stock valued at $1,720,000 after acquiring an additional 36 shares during the last quarter. Mezzasalma Advisors LLC lifted its stake in Carpenter Technology by 0.3% in the third quarter. Mezzasalma Advisors LLC now owns 14,518 shares of the basic materials company's stock valued at $5,645,000 after buying an additional 37 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in Carpenter Technology by 43.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 133 shares of the basic materials company's stock valued at $52,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CRS shares. Zacks Research downgraded shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 15th. JPMorgan Chase & Co. dropped their price objective on Carpenter Technology from $700.00 to $520.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 14th. KeyCorp cut Carpenter Technology from an "overweight" rating to a "sector weight" rating in a research report on Monday, October 26th. TD Cowen lowered their target price on shares of Carpenter Technology from $650.00 to $500.00 and set a "buy" rating on the stock in a report on Friday, October 9th. Finally, Susquehanna reaffirmed a "positive" rating and issued a $450.00 price objective 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 given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $476.43.

Insider Transactions at Carpenter Technology

In related news, CEO Tony R. Thene sold 57,456 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was 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 owned 439,631 shares of the company's stock, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,275 shares of the company's stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the transaction, the director owned 177,000 shares of the company's stock, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 112,996 shares of company stock valued at $54,644,436. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Down 1.9%

Shares of NYSE:CRS opened at $291.05 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.94 and a quick ratio of 2.05. Carpenter Technology Corporation has a 1-year low of $273.45 and a 1-year high of $625.98. The stock has a market cap of $14.42 billion, a P/E ratio of 25.67, a P/E/G ratio of 1.05 and a beta of 1.43. The firm has a fifty day moving average price of $389.36 and a 200 day moving average price of $441.92.

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

Carpenter Technology Announces Dividend

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

About Carpenter Technology

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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