Carpenter Technology Corporation $CRS Shares Newly Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management purchased 32,553 Carpenter Technology shares worth approximately $12.7 million, while institutional investors collectively owned 92.03% of the company.
• Analysts remain broadly positive, with eight Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $504.38, despite several recent target reductions.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09, and announced a $0.20-per-share quarterly dividend; however, company insiders sold more than 112,000 shares worth roughly $54.6 million during the quarter.

Assenagon Asset Management S.A. purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 32,553 shares of the basic materials company's stock, valued at approximately $12,657,000. Assenagon Asset Management S.A. owned approximately 0.07% of Carpenter Technology at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Keating Financial Advisory Services Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $30,000. SJS Investment Consulting Inc. increased its position in Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after buying an additional 36 shares in the last quarter. Hollencrest Capital Management bought a new position in Carpenter Technology during the 1st quarter valued at approximately $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in Carpenter Technology by 43.0% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 133 shares of the basic materials company's stock valued at $52,000 after buying an additional 40 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRS shares. Wells Fargo & Company lowered their price objective on Carpenter Technology from $540.00 to $430.00 and set an "equal weight" rating for the company in a research note on Wednesday, September 30th. KeyCorp cut their target price on Carpenter Technology from $608.00 to $465.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. Zacks Research cut Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 15th. Susquehanna reduced their price target on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. reduced their price target on Carpenter Technology from $700.00 to $520.00 and set an "overweight" rating for the company in a report on Wednesday, October 14th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $504.38.

Carpenter Technology Price Performance

NYSE CRS opened at $378.15 on Tuesday. Carpenter Technology Corporation has a one year low of $239.61 and a one year high of $625.98. The stock has a 50-day moving average of $439.64 and a 200 day moving average of $481.20. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The company has a market capitalization of $18.74 billion, a price-to-earnings ratio of 35.95, a PEG ratio of 1.33 and a beta of 1.29.

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 (EPS) for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same quarter last year, the firm posted $2.21 EPS. The business's quarterly revenue was up 12.6% compared to the same quarter last year. On average, sell-side analysts forecast that Carpenter Technology Corporation will post 13.27 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, October 20th. Carpenter Technology's payout ratio is presently 7.60%.

Insider Activity at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tony Thene sold 57,456 shares of the firm's stock in a transaction that occurred 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 owned 439,631 shares in the company, valued at $212,737,440.90. This represents a 11.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,996 shares of company stock worth $54,644,436 over the last quarter. Company insiders own 2.90% of the company's stock.

Carpenter Technology Profile

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.