Carpenter Technology Corporation $CRS is Orser Capital Management LLC's 3rd Largest Position

Key Points

• Orser Capital Management LLC has reduced its holdings in Carpenter Technology Corporation by 6.6%, making it the fund's third-largest position at approximately $7.59 million.
• Wall Street analysts have given Carpenter Technology a Moderate Buy rating, with target prices increased by several firms, including JPMorgan, which raised it from $245.00 to $305.00.
• Carpenter Technology recently declared a quarterly dividend of $0.20, resulting in an annualized yield of 0.3%, and insiders sold a total of 28,124 shares in the past 90 days.

Orser Capital Management LLC reduced its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 6.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,463 shares of the basic materials company's stock after selling 1,930 shares during the period. Carpenter Technology comprises approximately 5.6% of Orser Capital Management LLC's holdings, making the stock its 3rd largest position. Orser Capital Management LLC owned approximately 0.06% of Carpenter Technology worth $7,590,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CRS. Cetera Investment Advisers raised its holdings in Carpenter Technology by 13.4% in the 4th quarter. Cetera Investment Advisers now owns 12,048 shares of the basic materials company's stock worth $2,045,000 after acquiring an additional 1,423 shares during the last quarter. Gotham Asset Management LLC raised its holdings in Carpenter Technology by 54.8% in the 4th quarter. Gotham Asset Management LLC now owns 4,493 shares of the basic materials company's stock worth $763,000 after acquiring an additional 1,591 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Carpenter Technology in the 4th quarter worth approximately $1,120,000. ProShare Advisors LLC raised its holdings in Carpenter Technology by 57.7% in the 4th quarter. ProShare Advisors LLC now owns 15,736 shares of the basic materials company's stock worth $2,671,000 after acquiring an additional 5,759 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Carpenter Technology in the 4th quarter worth approximately $11,973,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the business's stock in a transaction 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 sale, the director owned 180,000 shares in the company, valued at $44,240,400. The trade was a 1.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was 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 owned 535,019 shares in the company, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock worth $6,890,250 in the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Trading Up 0.7%

Shares of Carpenter Technology stock opened at $241.68 on Tuesday. The company has a market capitalization of $12.05 billion, a P/E ratio of 32.57, a P/E/G ratio of 1.09 and a beta of 1.53. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The company has a fifty day moving average of $256.91 and a 200 day moving average of $228.30. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its 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. The company had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. Carpenter Technology's quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.82 EPS. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's payout ratio is presently 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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