Granahan Investment Management LLC Reduces Position in Carpenter Technology Corporation $CRS

Granahan Investment Management LLC decreased its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 0.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 267,175 shares of the basic materials company's stock after selling 2,262 shares during the period. Carpenter Technology comprises approximately 3.6% of Granahan Investment Management LLC's investment portfolio, making the stock its 3rd biggest holding. Granahan Investment Management LLC owned approximately 0.54% of Carpenter Technology worth $84,117,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp raised its stake in Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock valued at $514,687,000 after buying an additional 192,533 shares during the period. Egerton Capital UK LLP grew its position in shares of Carpenter Technology by 13.0% in the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock valued at $488,950,000 after purchasing an additional 178,679 shares during the last quarter. SurgoCap Partners LP grew its position 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 last quarter. Geode Capital Management LLC grew its position in shares of Carpenter Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company's stock valued at $307,333,000 after purchasing an additional 78,588 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Carpenter Technology by 9.1% in the fourth quarter. Barclays PLC now owns 645,620 shares of the basic materials company's stock valued at $203,267,000 after purchasing an additional 53,639 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the topic of several research reports. Wells Fargo & Company upped their target price on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. BTIG Research upped their target price on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Susquehanna upped their target price on Carpenter Technology from $470.00 to $495.00 and gave the company a "positive" rating in a research report on Thursday, April 30th. Finally, KeyCorp upped their target price on Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a research report on Monday, May 4th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus price target of $458.63.

Insider Buying and Selling

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the 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 in the company, valued at $317,895. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 0.4%

Shares of NYSE:CRS opened at $561.13 on Wednesday. The company has a market capitalization of $27.88 billion, a P/E ratio of 59.07, a P/E/G ratio of 1.94 and a beta of 1.25. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $574.52. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The business's 50 day simple moving average is $453.02 and its 200 day simple moving average is $387.79.

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 business 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%.The firm's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.88 earnings per share. On average, research analysts anticipate that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology's dividend payout ratio is currently 8.42%.

Carpenter Technology 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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