Horizon Investments LLC Sells 5,389 Shares of Carpenter Technology Corporation $CRS

Key Points

• Horizon Investments LLC sharply reduced its Carpenter Technology stake by 84% in the fourth quarter, selling 5,389 shares and leaving it with 1,030 shares worth about $324,000.
• Carpenter Technology reported better-than-expected earnings of $2.77 per share for the latest quarter, topping estimates, though revenue of $655.6 million came in below expectations.
• Analyst sentiment remains constructive, with nine Buy ratings, two Hold ratings, and an average target price of $438.78; several firms recently raised their price targets on the stock.

Horizon Investments LLC cut its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 84.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,030 shares of the basic materials company's stock after selling 5,389 shares during the period. Horizon Investments LLC's holdings in Carpenter Technology were worth $324,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock worth $514,687,000 after acquiring an additional 192,533 shares in the last quarter. SurgoCap Partners LP lifted its holdings in Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company's stock worth $294,377,000 after acquiring an additional 272,896 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Carpenter Technology by 20.5% during the third quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company's stock worth $154,840,000 after acquiring an additional 107,552 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in Carpenter Technology by 111.6% during the third quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company's stock worth $151,731,000 after acquiring an additional 325,919 shares in the last quarter. Finally, UBS Group AG lifted its holdings in Carpenter Technology by 171.2% during the fourth quarter. UBS Group AG now owns 606,501 shares of the basic materials company's stock worth $190,951,000 after acquiring an additional 382,865 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Stock Performance

CRS opened at $427.94 on Friday. The business's 50-day moving average price is $408.00 and its two-hundred day moving average price is $356.28. Carpenter Technology Corporation has a 1 year low of $204.47 and a 1 year high of $475.69. The company has a market capitalization of $21.26 billion, a price-to-earnings ratio of 45.05, a P/E/G ratio of 1.60 and a beta of 1.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08.

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

Carpenter Technology Dividend Announcement

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

Wall Street Analyst Weigh In

CRS has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Susquehanna lifted their target price on Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a report on Thursday, April 30th. KeyCorp lifted their target price on Carpenter Technology from $453.00 to $459.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. BTIG Research lifted their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $438.78.

Insider Transactions at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction dated 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 sale, the vice president owned 18,344 shares of the company's stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 34,865 shares of company stock worth $14,196,607. Company insiders own 2.90% of the company's stock.

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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