Geode Capital Management LLC Buys 78,588 Shares of Carpenter Technology Corporation $CRS

Key Points

• Geode Capital Management increased its Carpenter Technology stake by 8.8% in the fourth quarter, buying 78,588 additional shares and bringing its holding to 975,960 shares worth about $307.3 million.
• Carpenter Technology posted a strong quarterly earnings beat, reporting $2.77 EPS versus $2.59 expected, while revenue rose 11.6% year over year to $655.6 million. Analysts now expect full-year EPS of 10.54.
• The company also announced a quarterly dividend of $0.20 per share, payable June 4, and several analysts raised price targets, with the stock currently carrying a consensus “Moderate Buy” rating and an average target price of $441.

Geode Capital Management LLC lifted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 975,960 shares of the basic materials company's stock after acquiring an additional 78,588 shares during the period. Geode Capital Management LLC owned 1.96% of Carpenter Technology worth $307,333,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock valued at $514,687,000 after purchasing an additional 192,533 shares during the last quarter. SurgoCap Partners LP increased its holdings in shares of Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company's stock valued at $294,377,000 after purchasing an additional 272,896 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Carpenter Technology by 20.5% in the third quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company's stock valued at $154,840,000 after purchasing an additional 107,552 shares during the period. Qube Research & Technologies Ltd increased its holdings 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 during the period. Finally, UBS Group AG increased its holdings in shares of Carpenter Technology by 171.2% in the fourth quarter. UBS Group AG now owns 606,501 shares of the basic materials company's stock valued at $190,951,000 after purchasing an additional 382,865 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $487.36 on Tuesday. The company has a market capitalization of $24.22 billion, a P/E ratio of 51.30, a P/E/G ratio of 1.73 and a beta of 1.24. The business's 50 day moving average is $423.34 and its two-hundred day moving average is $372.24. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $490.22.

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. The company had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.Carpenter Technology's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.88 earnings per share. Analysts expect that Carpenter Technology Corporation will post 10.54 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is 8.42%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. BTIG Research increased their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $465.00 to $470.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Wells Fargo & Company increased their price objective on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a report on Monday, May 4th. TD Cowen increased their price objective on Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a report on Friday, May 22nd. Finally, KeyCorp increased their price objective on Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $441.00.

Carpenter Technology Company Profile

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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