Allianz Asset Management GmbH Grows Position in Carpenter Technology Corporation $CRS

Key Points

• Allianz Asset Management has increased its stake in Carpenter Technology Corporation by 5.0%, now owning approximately 0.24% of the company worth $33.59 million.
• Several institutional investors, including Egerton Capital UK LLP and Invesco Ltd., have made significant changes to their positions in Carpenter Technology, indicating strong interest and confidence in the company.
• Carpenter Technology announced a quarterly dividend of $0.20 per share, set to be paid on December 4th, representing a 0.3% yield on an annualized basis.

Allianz Asset Management GmbH boosted its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 5.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 121,538 shares of the basic materials company's stock after purchasing an additional 5,785 shares during the period. Allianz Asset Management GmbH owned about 0.24% of Carpenter Technology worth $33,591,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CRS. Egerton Capital UK LLP bought a new position in shares of Carpenter Technology in the first quarter worth about $329,727,000. Invesco Ltd. increased its stake in Carpenter Technology by 37.1% in the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after acquiring an additional 570,441 shares during the last quarter. Nuveen LLC bought a new position in shares of Carpenter Technology during the 1st quarter valued at approximately $63,136,000. Driehaus Capital Management LLC increased its position in shares of Carpenter Technology by 79.2% during the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company's stock valued at $103,806,000 after purchasing an additional 253,163 shares during the last quarter. Finally, Forest Avenue Capital Management LP increased its position in shares of Carpenter Technology by 81.8% during the 1st quarter. Forest Avenue Capital Management LP now owns 548,067 shares of the basic materials company's stock valued at $99,299,000 after purchasing an additional 246,599 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Weiss Ratings restated a "buy (b+)" rating on shares of Carpenter Technology in a report on Wednesday, October 8th. Zacks Research cut Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Finally, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Insider Buying and Selling

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the sale, the director directly owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 over the last ninety days. Company insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 0.0%

Shares of NYSE:CRS opened at $238.04 on Friday. The business's 50-day moving average is $244.05 and its 200 day moving average is $237.58. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $290.84. The firm has a market capitalization of $11.87 billion, a P/E ratio of 32.08, a P/E/G ratio of 1.08 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. During the same quarter in the prior year, the company earned $1.82 EPS. Carpenter Technology's quarterly revenue was down 5.4% on a year-over-year basis. On average, research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

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.

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