TD Waterhouse Canada Inc. Increases Stock Holdings in Carpenter Technology Corporation $CRS

Key Points

• TD Waterhouse Canada increased its Carpenter Technology stake by 1,235.9% in the second quarter, ending with 12,237 shares valued at approximately $7.46 million. Institutional investors collectively own 92.03% of the company.
• Analyst sentiment remains favorable, with one Strong Buy, eight Buy, and one Hold rating; the average price target is $577.25. Recent target changes ranged from $608 to $700.
• Insiders sold 109,721 shares worth about $53.1 million over the past three months, including a $27.8 million sale by CEO Tony R. Thene. Carpenter Technology recently beat quarterly EPS estimates, reporting $3.23 versus the $3.09 consensus.

TD Waterhouse Canada Inc. increased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 1,235.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,237 shares of the basic materials company's stock after purchasing an additional 11,321 shares during the period. TD Waterhouse Canada Inc.'s holdings in Carpenter Technology were worth $7,464,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CRS. Concurrent Investment Advisors LLC grew its stake in shares of Carpenter Technology by 287.2% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 21,206 shares of the basic materials company's stock valued at $13,081,000 after buying an additional 15,729 shares during the period. Power Wealth Management LLC acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $399,000. Strengthening Families & Communities LLC raised its position in shares of Carpenter Technology by 0.6% during the 2nd quarter. Strengthening Families & Communities LLC now owns 13,531 shares of the basic materials company's stock valued at $8,346,000 after buying an additional 75 shares during the period. Greenspring Advisors LLC purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at approximately $271,000. Finally, Nykredit A S acquired a new position in Carpenter Technology in the second quarter valued at approximately $998,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRS has been the subject of several analyst reports. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. BTIG Research upped their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research note on Friday, July 31st. JPMorgan Chase & Co. lowered their price target on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a research report on Monday, August 31st. Finally, KeyCorp reduced their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $577.25.

Insider Activity

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director directly owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the sale, the chief executive officer directly owned 439,631 shares in the company, valued at $212,737,440.90. This represents a 11.56% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 109,721 shares of company stock worth $53,091,824. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Up 1.9%

Shares of NYSE CRS opened at $476.34 on Friday. The firm has a market cap of $23.61 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 1.68 and a beta of 1.26. 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 $546.01 and its two-hundred day moving average is $477.19.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period last year, the business posted $2.21 earnings per share. The company's quarterly revenue was up 12.6% on a year-over-year basis. Research analysts predict that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology's dividend payout ratio is presently 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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