MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $65.08 Million Position in Carpenter Technology Corporation $CRS

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Carpenter Technology Corporation by 2.3%, holding 359,215 shares valued at approximately $65 million after selling 8,355 shares in the 1st quarter.
• Several large investors, including Invesco Ltd. and Advent International L.P., increased their stakes in Carpenter Technology, signaling strong institutional interest in the company, with 92.03% of the stock owned by institutional investors.
• JPMorgan Chase & Co. and Benchmark both raised their price targets for Carpenter Technology to between $300 and $305, reflecting a positive outlook on the company's performance.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 359,215 shares of the basic materials company's stock after selling 8,355 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.72% of Carpenter Technology worth $65,083,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its position in Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after purchasing an additional 570,441 shares in the last quarter. Egerton Capital UK LLP purchased a new position in Carpenter Technology during the 1st quarter worth approximately $329,727,000. SurgoCap Partners LP grew its position in Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Advent International L.P. grew its position in Carpenter Technology by 12.1% during the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock worth $145,819,000 after purchasing an additional 87,186 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Carpenter Technology by 4.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock worth $113,114,000 after purchasing an additional 27,123 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRS has been the topic of several research analyst reports. Benchmark lifted their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Finally, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Down 2.7%

NYSE:CRS traded down $6.91 during trading hours on Tuesday, reaching $244.97. The company's stock had a trading volume of 681,140 shares, compared to its average volume of 784,934. The company has a market cap of $12.21 billion, a price-to-earnings ratio of 33.01, a price-to-earnings-growth ratio of 1.15 and a beta of 1.52. Carpenter Technology Corporation has a one year low of $131.12 and a one year high of $290.84. The business's 50-day moving average is $259.75 and its 200-day moving average is $226.94. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01.

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

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's payout ratio is currently 10.78%.

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at $131,074,304.81. The trade was a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction on Monday, August 18th. The stock was 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 approximately $1,646,243.28. This represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,691 shares of company stock valued at $6,290,207 in the last quarter. 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.