Carpenter Technology Corporation $CRS Stock Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems cut its Carpenter Technology stake by 79.6% in the third quarter, selling 9,933 shares and retaining 2,549 shares valued at about $991,000.
• Quarterly earnings were mixed: Carpenter Technology reported EPS of $3.25, above the $3.04 consensus, while revenue of $634.8 million fell short of the $830.9 million estimate. Revenue was up 8.8% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with six Buy and three Hold ratings and an average price target of $476.43; some firms recently lowered their targets or ratings.

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 79.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,549 shares of the basic materials company's stock after selling 9,933 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Carpenter Technology were worth $991,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CRS. Wealthcare Advisory Partners LLC lifted its holdings in shares of Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock valued at $708,000 after purchasing an additional 19 shares in the last quarter. Essential Partners LLC raised its holdings in shares of Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock worth $149,000 after acquiring an additional 34 shares during the last quarter. TrueWealth Advisors LLC lifted its position in shares of Carpenter Technology by 1.3% in the second quarter. TrueWealth Advisors LLC now owns 2,789 shares of the basic materials company's stock valued at $1,720,000 after acquiring an additional 36 shares in the last quarter. Mezzasalma Advisors LLC lifted its position in shares of Carpenter Technology by 0.3% in the third quarter. Mezzasalma Advisors LLC now owns 14,518 shares of the basic materials company's stock valued at $5,645,000 after acquiring an additional 37 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Carpenter Technology by 43.0% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 133 shares of the basic materials company's stock valued at $52,000 after acquiring an additional 40 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

CRS stock opened at $279.04 on Friday. The firm has a market cap of $13.82 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 1.03 and a beta of 1.43. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.05 and a current ratio of 3.94. Carpenter Technology Corporation has a 1 year low of $270.49 and a 1 year high of $625.98. The stock has a 50-day simple moving average of $385.28 and a 200-day simple moving average of $441.63.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share for the quarter, topping analysts' consensus estimates of $3.04 by $0.21. The firm had revenue of $634.80 million during the quarter, compared to analysts' expectations of $830.85 million. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. Carpenter Technology's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.43 EPS. On average, equities analysts predict that Carpenter Technology Corporation will post 13.41 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Tuesday, October 20th will be paid 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 is Tuesday, October 20th. Carpenter Technology's dividend payout ratio (DPR) is 7.05%.

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony Thene sold 57,456 shares of the company'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 value of $27,802,958.40. Following the transaction, the chief executive officer directly owned 439,631 shares of the company's stock, valued at $212,737,440.90. This represents a 11.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 112,996 shares of company stock worth $54,644,436 in the last three months. 2.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Susquehanna restated a "positive" rating and set a $450.00 target price on shares of Carpenter Technology in a research report on Friday, October 23rd. TD Cowen dropped 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 note on Friday, October 9th. Zacks Research lowered shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 15th. KeyCorp lowered shares of Carpenter Technology from an "overweight" rating to a "sector weight" rating in a report on Monday, October 26th. Finally, JPMorgan Chase & Co. lowered their price target on Carpenter Technology from $700.00 to $520.00 and set an "overweight" rating for the company in a research report on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Carpenter Technology currently has an average rating of "Moderate Buy" and a consensus target price of $476.43.

Carpenter Technology Company 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.

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