Carpenter Technology Corporation $CRS Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group trimmed its stake in Carpenter Technology by 0.9%, selling 42,318 shares and leaving it with 4,505,344 shares (about 9.04% of the company) valued at roughly $1.418 billion, while institutional investors own about 92.03% of the stock.
• Carpenter's most recent quarter beat EPS expectations ($2.77 vs. $2.59) but missed revenue estimates ($655.6M vs. $797M), with revenue up 11.6% year-over-year and strong margins (net margin 15.82%).
• Company insiders sold a total of 22,300 shares (~$8.66M) over the last quarter and now own 2.90%, while analysts are largely bullish—consensus rating "Moderate Buy" with a target price of about $435.33.

Vanguard Group Inc. reduced its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 0.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,505,344 shares of the basic materials company's stock after selling 42,318 shares during the period. Vanguard Group Inc. owned approximately 9.04% of Carpenter Technology worth $1,418,463,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Aspex Management HK Ltd purchased a new position in Carpenter Technology in the 3rd quarter worth approximately $136,215,000. TOMS Capital Investment Management LP purchased a new stake in shares of Carpenter Technology in the second quarter valued at approximately $106,683,000. Qube Research & Technologies Ltd grew its position in shares of Carpenter Technology by 111.6% in the third quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company's stock valued at $151,731,000 after purchasing an additional 325,919 shares in the last quarter. Raymond James Financial Inc. increased its holdings in shares of Carpenter Technology by 244.3% in the second quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company's stock valued at $113,669,000 after purchasing an additional 291,829 shares during the last quarter. Finally, M&T Bank Corp lifted its position in Carpenter Technology by 14,416.2% during the fourth quarter. M&T Bank Corp now owns 289,743 shares of the basic materials company's stock worth $91,223,000 after buying an additional 287,747 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director owned 225,381 shares of the company's stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares of the company's stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 22,300 shares of company stock valued at $8,664,044. Company insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday. Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a research report on Friday, April 24th. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an "overweight" rating in a report on Thursday. Susquehanna raised their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a research report on Thursday. Finally, BTIG Research lifted their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and a consensus target price of $435.33.

Carpenter Technology Price Performance

CRS stock opened at $429.12 on Friday. Carpenter Technology Corporation has a 52-week low of $198.45 and a 52-week high of $459.18. The company has a quick ratio of 2.26, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The stock has a market cap of $21.37 billion, a price-to-earnings ratio of 45.17, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. The business has a fifty day moving average of $404.38 and a two-hundred day moving average of $350.32.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million during the quarter, compared to analysts' expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.88 EPS. As a group, research analysts anticipate that Carpenter Technology Corporation will post 10.29 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is 9.29%.

About Carpenter Technology

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer 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.