Engineers Gate Manager LP Buys Shares of 2,916 Carpenter Technology Corporation $CRS

Key Points

• Engineers Gate Manager LP opened a new position in Carpenter Technology, purchasing 2,916 shares valued at approximately $1.8 million. Institutional investors collectively own 92.03% of the company.
• Analysts maintain a favorable outlook, with the stock carrying an average “Buy” rating and a consensus price target of $577.25, despite several recent target-price adjustments.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09, while revenue rose 12.6% year over year. The company also paid a quarterly dividend of $0.20 per share, though insiders sold more than $54.6 million of stock in the past 90 days.

Engineers Gate Manager LP bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,916 shares of the basic materials company's stock, valued at approximately $1,799,000.

Several other hedge funds have also recently modified their holdings of the business. Keating Financial Advisory Services Inc. bought a new stake in Carpenter Technology in the 2nd quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in Carpenter Technology during the 1st quarter valued at about $30,000. SJS Investment Consulting Inc. boosted its holdings in shares of 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 acquiring an additional 36 shares during the last quarter. Hollencrest Capital Management purchased a new stake in shares of Carpenter Technology during the 1st quarter valued at about $52,000. Finally, Longview Financial Advisors Inc. bought a new stake in shares of Carpenter Technology in the first quarter worth approximately $55,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CRS. KeyCorp dropped their target price on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. TD Cowen increased their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a report on Monday, July 13th. Wells Fargo & Company raised their price target on Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Carpenter Technology in a research report on Monday, August 31st. Finally, Susquehanna lowered their target price on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology has an average rating of "Buy" and an average price target of $577.25.

Carpenter Technology Trading Down 1.1%

NYSE:CRS opened at $415.72 on Wednesday. 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 has a market capitalization of $20.60 billion, a price-to-earnings ratio of 39.52, a price-to-earnings-growth ratio of 1.49 and a beta of 1.26. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The business has a fifty day moving average price of $523.71 and a 200-day moving average price of $480.88.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping 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 revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period last year, the firm earned $2.21 EPS. Sell-side analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology's dividend payout ratio (DPR) is 7.60%.

Insider Activity

In other Carpenter Technology news, Director Steven E. Karol sold 3,275 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 177,000 shares in the company, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology 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 transaction, the chief executive officer directly 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 valued at $54,644,436 in the last ninety days. Corporate insiders own 2.90% of the company's stock.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.

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