Public Employees Retirement System of Ohio Makes New Investment in Carpenter Technology Corporation $CRS

Key Points

• Public Employees Retirement System of Ohio acquired 14,370 Carpenter Technology shares worth approximately $8.9 million. Institutional investors and hedge funds now own 92.03% of the company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and average price target of $577.25, despite several recent target reductions.
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus the $3.09 consensus estimate, and declared a quarterly dividend of $0.20 per share. Insiders sold $53.1 million of stock during the last quarter.

Public Employees Retirement System of Ohio acquired a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 14,370 shares of the basic materials company's stock, valued at approximately $8,864,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Carpenter Technology during the 2nd quarter worth about $3,834,623,000. Jennison Associates LLC acquired a new stake in shares of Carpenter Technology during the 1st quarter worth about $317,411,000. SurgoCap Partners LP acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth about $423,444,000. Sands Capital Management LLC purchased a new stake in Carpenter Technology during the fourth quarter worth approximately $195,731,000. Finally, Norges Bank purchased a new stake in Carpenter Technology during the fourth quarter worth approximately $195,254,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. BTIG Research raised their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Susquehanna cut their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. Weiss Ratings cut shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. Finally, KeyCorp decreased their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of "Buy" and an average target price of $577.25.

Insiders Place Their Bets

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director directly owned 1,953 shares of the company's stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 109,721 shares of company stock valued at $53,091,824. 2.90% of the stock is owned by company insiders.

Carpenter Technology Trading Up 0.1%

CRS opened at $476.72 on Tuesday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The business's 50 day moving average is $555.47 and its two-hundred day moving average is $475.21. The firm has a market cap of $23.63 billion, a price-to-earnings ratio of 45.32, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company's revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.21 earnings per share. On average, research analysts predict that Carpenter Technology Corporation will post 13.09 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology's dividend payout ratio is currently 7.60%.

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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