Canada Pension Plan Investment Board Acquires Shares of 22,300 Carpenter Technology Corporation $CRS

Key Points

• The Canada Pension Plan Investment Board acquired **22,300 shares** of Carpenter Technology Corporation, valued at approximately **$4.04 million**, in the first quarter of the year.
• Institutional investors and hedge funds now hold **92.03%** of Carpenter Technology's stock, indicating significant institutional confidence in the company.
• Carpenter Technology recently declared a quarterly dividend of **$0.20** per share, with the ex-dividend date set for **August 26th**, representing an annualized dividend yield of **0.3%**.

Canada Pension Plan Investment Board acquired a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,300 shares of the basic materials company's stock, valued at approximately $4,040,000.

Other hedge funds have also made changes to their positions in the company. Stratos Wealth Partners LTD. boosted its stake in shares of Carpenter Technology by 22.9% during the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after buying an additional 553 shares during the period. Bessemer Group Inc. increased its holdings in Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Carpenter Technology by 27.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock valued at $2,890,000 after buying an additional 3,467 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after purchasing an additional 78 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Carpenter Technology during the 1st quarter worth approximately $678,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Transactions at Carpenter Technology

In related news, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. In the last three months, insiders sold 25,691 shares of company stock valued at $6,290,207. Company insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 1.8%

Carpenter Technology stock opened at $235.61 on Thursday. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $262.02 and a two-hundred day moving average price of $225.53. The firm has a market capitalization of $11.74 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 1.10 and a beta of 1.52. Carpenter Technology Corporation has a 52-week low of $129.57 and a 52-week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. Carpenter Technology's revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.82 EPS. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's dividend payout ratio is currently 10.78%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRS. Benchmark lifted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $278.33.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.