Keystone Investors PTE Ltd. Lowers Stake in Carpenter Technology Corporation $CRS

Key Points

• Keystone Investors PTE Ltd. cut its Carpenter Technology stake by 73.9% in the fourth quarter, leaving it with 8,974 shares valued at about $2.83 million.
• Wall Street remains mostly upbeat on the stock: analysts have a Moderate Buy consensus rating, with an average price target of $458.63, and several firms recently raised their targets.
• Carpenter Technology reported strong quarterly performance, with EPS of $2.77 beating estimates and revenue up 11.6% year over year, while it also paid a quarterly dividend of $0.20 per share.

Keystone Investors PTE Ltd. reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 73.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,974 shares of the basic materials company's stock after selling 25,472 shares during the quarter. Keystone Investors PTE Ltd.'s holdings in Carpenter Technology were worth $2,825,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CRS. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology during the second quarter valued at $28,000. Armstrong Advisory Group Inc. boosted its stake in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 43 shares during the period. Spire Wealth Management boosted its stake in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 84 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology during the second quarter valued at $43,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Carpenter Technology during the second quarter valued at $45,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CRS shares. Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. BTIG Research upped their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Wells Fargo & Company upped their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. TD Cowen upped their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a "buy" rating in a research note on Friday, May 22nd. Finally, Susquehanna upped their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $458.63.

Carpenter Technology Stock Down 0.4%

NYSE:CRS opened at $560.25 on Friday. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $574.52. The company has a 50-day moving average of $446.24 and a 200 day moving average of $383.91. The firm has a market cap of $27.84 billion, a PE ratio of 58.97, a price-to-earnings-growth ratio of 1.94 and a beta of 1.25. 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 announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm's revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.88 earnings per share. As a group, research analysts anticipate that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction dated 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 directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the business's stock in a transaction dated 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 completion of the transaction, 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 SEC filing for this sale provides additional information. Insiders own 2.90% of the company's stock.

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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