California State Teachers Retirement System decreased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,945 shares of the basic materials company's stock after selling 2,717 shares during the quarter. California State Teachers Retirement System owned 0.11% of Carpenter Technology worth $33,892,274 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. Wedmont Private Capital purchased a new stake in Carpenter Technology in the second quarter valued at approximately $297,000. HB Wealth Management LLC grew its position in shares of Carpenter Technology by 67.9% during the second quarter. HB Wealth Management LLC now owns 3,278 shares of the basic materials company's stock worth $2,022,000 after acquiring an additional 1,326 shares during the last quarter. AlphaGrep UK Ltd acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at $356,000. MOR Wealth Management LLC acquired a new position in Carpenter Technology during the second quarter worth $349,000. Finally, Investor s Fiduciary Advisor Network LLC acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $257,000. 92.03% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Carpenter Technology
In other Carpenter Technology news, CEO Tony Thene sold 57,456 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ramin Younessi sold 438 shares of the 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 sale, the director directly 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. In the last ninety days, insiders have sold 112,996 shares of company stock worth $54,644,436. Insiders own 2.90% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on CRS. BTIG Research lifted their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Wall Street Zen raised Carpenter Technology from a "hold" rating to a "buy" rating in a research note on Saturday. Wells Fargo & Company lifted their price objective on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. Weiss Ratings restated a "buy (b)" rating on shares of Carpenter Technology in a report on Monday, August 31st. Finally, KeyCorp cut their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $577.25.
Read Our Latest Stock Analysis on CRS
Carpenter Technology Stock Performance
Shares of CRS stock traded down $7.56 during mid-day trading on Tuesday, reaching $412.82. The stock had a trading volume of 434,645 shares, compared to its average volume of 763,043. 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 has a market cap of $20.46 billion, a PE ratio of 39.06, a P/E/G ratio of 1.57 and a beta of 1.26. The firm's 50 day simple moving average is $527.23 and its 200 day simple moving average is $480.74. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98.
Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping analysts' consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business's revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.21 earnings per share. On average, analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current year.
Carpenter Technology Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology's dividend payout ratio (DPR) is currently 7.60%.
About Carpenter Technology
(
Free Report)
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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