Carpenter Technology Corporation $CRS Position Trimmed by Bank Julius Baer & Co. Ltd Zurich

Key Points

• Bank Julius Baer & Co. Zurich cut its Carpenter Technology stake by 28.8% in the third quarter, selling 5,798 shares and retaining 14,323 shares valued at about $5.6 million. Institutional investors and hedge funds collectively own 92.03% of the stock.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $476.43, though several firms recently lowered their targets or ratings.
• Carpenter Technology reported quarterly EPS of $3.25, beating estimates of $3.04, while revenue rose 8.8% year over year to $634.8 million but came in below the $830.85 million consensus estimate.

Bank Julius Baer & Co. Ltd Zurich trimmed its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 28.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,323 shares of the basic materials company's stock after selling 5,798 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich's holdings in Carpenter Technology were worth $5,574,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CRS. BlackRock Inc. purchased a new stake in shares of Carpenter Technology in the second quarter worth about $3,834,623,000. Jennison Associates LLC purchased a new stake in shares of Carpenter Technology during the 1st quarter valued at about $317,411,000. SurgoCap Partners LP purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $423,444,000. Bank of New York Mellon Corp purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $231,252,000. Finally, William Blair Investment Management LLC acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $205,165,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent research reports. TD Cowen lowered their price objective on shares of Carpenter Technology from $650.00 to $500.00 and set a "buy" rating for the company in a research report on Friday, October 9th. Weiss Ratings cut shares of Carpenter Technology from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, October 22nd. Susquehanna restated a "positive" rating and issued a $450.00 target price on shares of Carpenter Technology in a research note on Friday, October 23rd. Zacks Research lowered shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 15th. Finally, Wells Fargo & Company dropped their price target on shares of Carpenter Technology from $540.00 to $430.00 and set an "equal weight" rating on the stock in a research note on Wednesday, September 30th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $476.43.

Insider Buying and Selling

In other news, CEO Tony R. Thene sold 57,456 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ramin Younessi sold 438 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director directly owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,996 shares of company stock valued at $54,644,436 over the last three months. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 2.0%

CRS stock opened at $296.68 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.94 and a quick ratio of 2.05. Carpenter Technology Corporation has a 1-year low of $273.45 and a 1-year high of $625.98. The firm has a fifty day moving average price of $393.23 and a two-hundred day moving average price of $442.16. The firm has a market cap of $14.70 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 1.03 and a beta of 1.43.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.21. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. The business had revenue of $634.80 million for the quarter, compared to the consensus estimate of $830.85 million. During the same quarter last year, the business posted $2.43 EPS. The business's revenue was up 8.8% on a year-over-year basis. Research analysts predict that Carpenter Technology Corporation will post 13.37 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Tuesday, October 20th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 20th. Carpenter Technology's payout ratio is presently 7.05%.

About Carpenter Technology

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

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.

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