State of New Jersey Common Pension Fund D Sells 1,776 Shares of Carpenter Technology Corporation $CRS

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Carpenter Technology Corporation by 9.7%, now owning 16,451 shares worth approximately $2.98 million.
• Institutional investors collectively own 92.03% of Carpenter Technology's stock, with several firms adjusting their positions during the same quarter, including Bessemer Group Inc. increasing its stake by 50.3%.
• Carpenter Technology's quarterly earnings report exceeded analysts' expectations, with reported earnings per share of $2.21, though revenue fell 5.4% compared to the previous year.

State of New Jersey Common Pension Fund D reduced its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,451 shares of the basic materials company's stock after selling 1,776 shares during the period. State of New Jersey Common Pension Fund D's holdings in Carpenter Technology were worth $2,981,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in CRS. Invesco Ltd. lifted its holdings 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 valued at $381,869,000 after purchasing an additional 570,441 shares during the last quarter. Egerton Capital UK LLP bought a new position in Carpenter Technology during the 1st quarter valued at about $329,727,000. SurgoCap Partners LP lifted its holdings 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 valued at $244,734,000 after purchasing an additional 779,357 shares during the last quarter. Third Point LLC lifted its holdings in Carpenter Technology by 31.8% during the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock valued at $147,648,000 after purchasing an additional 210,000 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Carpenter Technology by 21.0% during the 4th quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock valued at $115,291,000 after purchasing an additional 117,759 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of NYSE CRS traded up $0.11 during trading on Tuesday, reaching $241.74. The company had a trading volume of 1,456,797 shares, compared to its average volume of 941,607. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84. The stock has a market cap of $12.05 billion, a PE ratio of 32.58, a PEG ratio of 1.12 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The business's 50 day moving average price is $264.14 and its 200-day moving average price is $223.59.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results 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. 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 during the quarter, compared to the consensus estimate of $790.73 million. During the same period in the previous year, the firm posted $1.82 earnings per share. The company's revenue was down 5.4% on a year-over-year basis. Analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Benchmark lifted their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. JPMorgan Chase & Co. lifted 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. Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, BTIG Research reissued 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 issued a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of "Moderate Buy" and an average price target of $278.33.

Insiders Place Their Bets

In related news, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,691 shares of company stock valued at $6,290,207. 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.