Carpenter Technology Corporation $CRS Shares Newly Acquired by Bright Rock Capital Management LLC

Key Points

• Bright Rock Capital Management initiated a position in Carpenter Technology, buying 4,500 shares valued at approximately $1.75 million. Institutional investors collectively own 92.03% of the company.
• Analyst sentiment remains positive overall, with eight Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $563.50, despite Wells Fargo lowering its target to $430.
• Carpenter Technology shares recently traded at $395.66, while company insiders sold 112,996 shares worth about $54.6 million over the last quarter. The company also reported quarterly EPS of $3.23, beating estimates, and maintains a $0.20 quarterly dividend.

Bright Rock Capital Management LLC bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 4,500 shares of the basic materials company's stock, valued at approximately $1,750,000.

A number of other large investors have also made changes to their positions in CRS. BlackRock Inc. purchased a new position in shares of Carpenter Technology during the 2nd quarter worth $3,834,623,000. Egerton Capital UK LLP increased its position in Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock worth $488,950,000 after purchasing an additional 178,679 shares during the last quarter. SurgoCap Partners LP acquired a new stake in Carpenter Technology during the second quarter worth about $423,444,000. Jennison Associates LLC purchased a new position in Carpenter Technology during the first quarter worth about $317,411,000. Finally, Wellington Management Group LLP boosted its holdings in Carpenter Technology by 82.2% in the 2nd quarter. Wellington Management Group LLP now owns 506,167 shares of the basic materials company's stock valued at $312,224,000 after purchasing an additional 228,290 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Tony Thene sold 57,456 shares of the business'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 completion of the sale, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Karol sold 3,275 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the transaction, the director directly owned 177,000 shares in the company, valued at $83,912,160. This trade represents a 1.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CRS shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Carpenter Technology in a research report on Monday, August 31st. TD Cowen upped their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Wall Street Zen upgraded shares of Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, September 12th. Wells Fargo & Company reduced 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 report on Wednesday, September 30th. Finally, BTIG Research raised their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and an average price target of $563.50.

Carpenter Technology Stock Up 1.9%

Shares of Carpenter Technology stock traded up $7.19 during trading on Monday, hitting $395.66. 244,279 shares of the stock were exchanged, compared to its average volume of 766,659. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The firm's 50-day moving average price is $476.41 and its 200 day moving average price is $481.14. The stock has a market cap of $19.61 billion, a price-to-earnings ratio of 37.59, a price-to-earnings-growth ratio of 1.37 and a beta of 1.29. Carpenter Technology Corporation has a 12-month low of $233.77 and a 12-month high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to analysts' expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.Carpenter Technology's quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $2.21 earnings per share. As a group, analysts forecast that Carpenter Technology Corporation will post 13.28 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 3rd. Shareholders of record on Tuesday, August 25th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date was Tuesday, August 25th. Carpenter Technology's dividend payout ratio is currently 7.60%.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.

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