Voya Investment Management LLC Boosts Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Voya Investment Management LLC increased its stake in Carpenter Technology Corporation by 24.5%, now owning 403,132 shares worth approximately $73.04 million.
• Recent insider trading activity included two directors selling significant shares, with a combined total of over $2.23 million in transactions.
• JPMorgan Chase & Co. upgraded Carpenter Technology's stock rating to "overweight" and raised its price objective from $245.00 to $305.00.

Voya Investment Management LLC boosted its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 403,132 shares of the basic materials company's stock after acquiring an additional 79,301 shares during the quarter. Voya Investment Management LLC owned 0.81% of Carpenter Technology worth $73,039,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CRS. Egerton Capital UK LLP purchased a new stake in shares of Carpenter Technology in the first quarter valued at approximately $329,727,000. SurgoCap Partners LP increased its position in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after buying an additional 779,357 shares in the last quarter. Invesco Ltd. increased its position in shares of Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after buying an additional 570,441 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Carpenter Technology by 19,404.3% in the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock valued at $86,825,000 after buying an additional 476,764 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Carpenter Technology in the first quarter valued at approximately $63,136,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Trading Up 0.1%

Shares of Carpenter Technology stock traded up $0.21 during trading hours on Thursday, hitting $244.05. The company's stock had a trading volume of 236,581 shares, compared to its average volume of 900,504. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $290.84. The firm has a fifty day moving average of $255.56 and a 200-day moving average of $228.50. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of 32.92, a P/E/G ratio of 1.10 and a beta of 1.52. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same quarter in the prior year, the company posted $1.82 EPS. The company's quarterly revenue was down 5.4% on a year-over-year basis. Research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is 10.78%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, Director Steven E. Karol sold 3,433 shares of the business's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $4,654,810.00. Following the completion of the sale, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 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.