Renaissance Investment Group LLC Takes Position in Carpenter Technology Corporation $CRS

Key Points

• Renaissance Investment Group LLC initiated a new position in Carpenter Technology (NYSE:CRS), buying 25,859 shares worth about $8.14 million — roughly 1.6% of Renaissance’s portfolio and about 0.05% of Carpenter’s outstanding shares.
• Insiders have been selling: 22,300 shares were sold over the past 90 days (≈$8.66 million), including sales by Director Steven E. Karol and SVP James D. Dee, leaving insiders with about 2.9% ownership.
• Wall Street sentiment and recent results are positive: nine analysts rate CRS a Buy and two a Hold (consensus "Moderate Buy") with an average price target of $385.50, and the company recently beat Q4 EPS estimates ($2.33 vs. $2.20) with revenue up 7.5% year‑over‑year.

Renaissance Investment Group LLC bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 25,859 shares of the basic materials company's stock, valued at approximately $8,141,000. Carpenter Technology accounts for about 1.6% of Renaissance Investment Group LLC's investment portfolio, making the stock its 26th largest position. Renaissance Investment Group LLC owned approximately 0.05% of Carpenter Technology at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ion Asset Management Ltd. bought a new stake in Carpenter Technology during the third quarter valued at about $4,027,000. WCM Investment Management LLC increased its position in Carpenter Technology by 77.9% in the third quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company's stock worth $86,261,000 after buying an additional 156,554 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Carpenter Technology by 4.0% in the third quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company's stock worth $114,841,000 after buying an additional 18,201 shares during the period. Bright Futures Wealth Management LLC. bought a new position in shares of Carpenter Technology in the third quarter worth about $674,000. Finally, Prudential Financial Inc. raised its stake in Carpenter Technology by 43.3% during the 2nd quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company's stock worth $15,500,000 after acquiring an additional 16,954 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Steven E. Karol sold 3,500 shares of the company's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the sale, the director directly owned 225,381 shares of the company's stock, valued at $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares of the company's stock, valued at $28,889,465.42. The trade was a 17.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,300 shares of company stock valued at $8,664,044 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CRS has been the topic of several research analyst reports. Susquehanna assumed coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They issued a "positive" rating and a $470.00 price objective on the stock. BTIG Research boosted their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a "buy" rating in a research report on Friday, January 30th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $388.00 to $394.00 and gave the company an "overweight" rating in a research report on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Finally, Wall Street Zen raised Carpenter Technology from a "hold" rating to a "buy" rating in a research note on Saturday, January 31st. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $385.50.

Carpenter Technology Stock Down 2.5%

Shares of NYSE:CRS opened at $377.87 on Friday. The business's 50 day moving average is $363.57 and its 200 day moving average is $315.21. The stock has a market cap of $18.82 billion, a P/E ratio of 43.89, a price-to-earnings-growth ratio of 1.52 and a beta of 1.22. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $412.31. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The business had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same period in the previous year, the company posted $1.66 EPS. Carpenter Technology's revenue was up 7.5% on a year-over-year basis. Sell-side analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, January 27th. Carpenter Technology's payout ratio is presently 9.29%.

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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