Maryland State Retirement & Pension System Takes $646,000 Position in Carpenter Technology Corporation $CRS

Key Points

• The Maryland State Retirement & Pension System has acquired a new stake in Carpenter Technology Corporation, purchasing 2,339 shares valued at approximately $646,000.
• Two directors, Steven E. Karol and I. Martin Inglis, recently sold significant amounts of the company's stock, affecting their ownership by 1.87% and 45.81%, respectively, indicating insider trading activity.
• Carpenter Technology reported earnings of $2.21 per share for the last quarter, exceeding analysts' expectations, though revenue fell short of projections, totaling $755.60 million.

Maryland State Retirement & Pension System bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 2,339 shares of the basic materials company's stock, valued at approximately $646,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CRS. GAMMA Investing LLC raised its position in Carpenter Technology by 7.7% in the 1st quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company's stock valued at $479,000 after buying an additional 188 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after buying an additional 78 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after buying an additional 3,467 shares in the last quarter. Mission Wealth Management LP raised its holdings in shares of Carpenter Technology by 4.0% in the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock worth $364,000 after purchasing an additional 78 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Carpenter Technology by 5.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,283 shares of the basic materials company's stock worth $3,856,000 after purchasing an additional 1,128 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Steven E. Karol sold 3,433 shares of the firm's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total transaction of $843,762.74. Following the sale, the director directly owned 180,000 shares in the company, valued at $44,240,400. This trade represents a 1.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares of the company's stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,124 shares of company stock worth $6,890,250 in the last three months. Company insiders own 2.90% of the company's stock.

Carpenter Technology Trading Up 0.2%

NYSE:CRS opened at $241.62 on Tuesday. The company's 50 day moving average price is $245.14 and its 200-day moving average price is $236.38. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $290.84. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The stock has a market cap of $12.04 billion, a price-to-earnings ratio of 32.56, a PEG ratio of 1.09 and a beta of 1.46.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same quarter last year, the company posted $1.82 earnings per share. The firm's quarterly revenue was down 5.4% on a year-over-year basis. On average, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be given a $0.20 dividend. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Zacks Research cut shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Weiss Ratings reiterated a "buy (b+)" rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Finally, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating and two have issued 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 $278.33.

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.

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