California State Teachers Retirement System Purchases 33,834,612 Shares of Carpenter Technology Corporation $CRS

Key Points

• California State Teachers Retirement System dramatically increased its Carpenter Technology stake by 33.8 million shares in the second quarter, bringing its ownership to 33.9 million shares, or approximately 68.4% of the company.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding the $3.09 analyst consensus, while revenue rose 12.6% year over year to $679.7 million but fell short of estimates.
• Analysts maintain an overall “Buy” rating with an average price target of $577.25, although several firms recently lowered their targets; insiders also sold approximately $53.1 million of stock over the past 90 days.

California State Teachers Retirement System raised its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 58,677.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,892,274 shares of the basic materials company's stock after acquiring an additional 33,834,612 shares during the quarter. California State Teachers Retirement System owned approximately 68.39% of Carpenter Technology worth $20,906,110,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CRS. Wealthcare Advisory Partners LLC lifted its stake in shares of Carpenter Technology by 1.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock valued at $708,000 after acquiring an additional 19 shares during the last quarter. Meeder Advisory Services Inc. grew its position in Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock worth $280,000 after acquiring an additional 32 shares during the last quarter. Abel Hall LLC grew its position in Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock worth $321,000 after acquiring an additional 32 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock worth $3,509,000 after purchasing an additional 34 shares during the period. Finally, Essential Partners LLC increased its stake in Carpenter Technology by 9.9% in the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock worth $149,000 after purchasing an additional 34 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS stock opened at $476.34 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The firm has a market cap of $23.61 billion, a P/E ratio of 45.28, a P/E/G ratio of 1.68 and a beta of 1.26. The business's 50 day moving average price is $543.43 and its 200-day moving average price is $478.59.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its 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 company 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 company earned $2.21 earnings per share. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 13.28 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Zacks Research raised Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Wall Street Zen downgraded shares of Carpenter Technology from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a research report on Monday, August 31st. KeyCorp cut their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Finally, Susquehanna decreased their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $577.25.

Insider Buying and Selling at Carpenter Technology

In other news, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction dated 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 sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ramin Younessi sold 438 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 109,721 shares of company stock valued at $53,091,824 over the last 90 days. Company insiders own 2.90% of the company's stock.

Carpenter Technology Company 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Corporation (NYSE:CRS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.