Covestor Ltd Has $1.10 Million Stock Holdings in Carpenter Technology Corporation $CRS

Key Points

• Covestor Ltd increased its stake in Carpenter Technology by 334.3% in the fourth quarter, ending with 3,492 shares valued at about $1.1 million.
• Analyst sentiment remains positive, with multiple firms raising price targets; Carpenter Technology currently has an average Moderate Buy rating and an average target price of $438.78.
• The company reported quarterly EPS of $2.77, beating expectations, and also declared a quarterly dividend of $0.20 per share payable June 4.

Covestor Ltd raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 334.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,492 shares of the basic materials company's stock after buying an additional 2,688 shares during the period. Carpenter Technology accounts for 0.6% of Covestor Ltd's holdings, making the stock its 16th largest holding. Covestor Ltd's holdings in Carpenter Technology were worth $1,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Woodline Partners LP acquired a new stake in shares of Carpenter Technology during the 1st quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after purchasing an additional 1,701 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock worth $836,000 after purchasing an additional 314 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Carpenter Technology during the second quarter worth about $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Carpenter Technology in the second quarter valued at approximately $533,000. Institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised 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, April 30th. Wall Street Zen upgraded shares of Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, January 31st. BTIG Research raised their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Weiss Ratings raised shares of Carpenter Technology from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, May 8th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and an average target price of $438.78.

Insiders Place Their Bets

In related news, Director Steven E. Karol sold 3,500 shares of the company's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director directly owned 750 shares of the company's stock, valued at $317,895. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 34,865 shares of company stock valued at $14,196,607. Insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

NYSE:CRS opened at $405.73 on Wednesday. The company has a market capitalization of $20.16 billion, a PE ratio of 42.71, a P/E/G ratio of 1.51 and a beta of 1.24. The company has a 50 day simple moving average of $411.44 and a two-hundred day simple moving average of $363.79. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology Corporation has a fifty-two week low of $219.58 and a fifty-two week high of $475.69.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the previous year, the company earned $1.88 EPS. The company's revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts anticipate that Carpenter Technology Corporation will post 10.43 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is presently 8.42%.

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.

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