Baird Financial Group Inc. Increases Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Baird Financial Group increased its Carpenter Technology stake by 1,020.9% in the second quarter, owning 19,156 shares valued at approximately $11.8 million. Institutional investors and hedge funds collectively own 92.03% of the company.
• Analysts maintain a generally positive outlook, with one Strong Buy, eight Buy, and one Hold rating. The stock has an average rating of “Buy” and a consensus price target of $577.25.
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus the $3.09 consensus, while revenue rose 12.6% year over year to $679.7 million. The company also declared a quarterly dividend of $0.20 per share, representing a 0.2% annualized yield.

Baird Financial Group Inc. grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 1,020.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,156 shares of the basic materials company's stock after buying an additional 17,447 shares during the period. Baird Financial Group Inc.'s holdings in Carpenter Technology were worth $11,817,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Keating Financial Advisory Services Inc. purchased a new stake in Carpenter Technology during the second quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology in the 1st quarter worth about $30,000. SJS Investment Consulting Inc. lifted its stake in shares of Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 36 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at about $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth about $56,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CRS shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Carpenter Technology in a research note on Monday, August 31st. Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Susquehanna reduced their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a report on Friday, July 31st. Wells Fargo & Company upped their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 4th. Finally, KeyCorp lowered their price target on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. One investment 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. According to MarketBeat.com, Carpenter Technology presently has an average rating of "Buy" and an average target price of $577.25.

Carpenter Technology Stock Down 0.0%

Shares of Carpenter Technology stock opened at $442.99 on Monday. The business has a 50-day moving average of $531.19 and a 200-day moving average of $480.54. 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 company has a market capitalization of $21.95 billion, a PE ratio of 42.11, a P/E/G ratio of 1.57 and a beta of 1.26. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98.

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

Carpenter Technology Announces Dividend

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

Insider Buying and Selling

In other Carpenter Technology news, CEO Tony Thene sold 57,456 shares of the firm's stock in a transaction on 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 trade represents a 11.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramin Younessi sold 438 shares of the business's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company's stock, valued at $963,121.95. The trade was a 18.32% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 112,996 shares of company stock worth $54,644,436. Insiders own 2.90% of the company's stock.

Carpenter Technology Profile

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

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.

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