Tyro Capital Management LLC Has $21.47 Million Stake in Carpenter Technology Corporation $CRS

Tyro Capital Management LLC trimmed its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 62.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,674 shares of the basic materials company’s stock after selling 131,285 shares during the quarter. Carpenter Technology accounts for 8.4% of Tyro Capital Management LLC’s portfolio, making the stock its 6th largest position. Tyro Capital Management LLC owned approximately 0.16% of Carpenter Technology worth $21,468,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CRS. Hancock Whitney Corp acquired a new position in shares of Carpenter Technology in the 1st quarter valued at approximately $819,000. Y Intercept Hong Kong Ltd acquired a new position in Carpenter Technology during the second quarter valued at approximately $1,460,000. Graham Capital Management L.P. boosted its holdings in shares of Carpenter Technology by 175.8% in the 1st quarter. Graham Capital Management L.P. now owns 3,643 shares of the basic materials company’s stock valued at $660,000 after buying an additional 2,322 shares during the last quarter. Titan Global Capital Management USA LLC acquired a new position in Carpenter Technology during the second quarter worth $2,823,000. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in Carpenter Technology in the first quarter valued at $324,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CRS shares. TD Cowen lifted their price target on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, October 24th. BTIG Research raised their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. Finally, Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $369.67.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $322.88 on Wednesday. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $338.08. The firm has a 50 day moving average of $264.38 and a 200-day moving average of $254.38. The company has a market cap of $16.09 billion, a price-to-earnings ratio of 39.47, a price-to-earnings-growth ratio of 1.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. The company had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.73 EPS. On average, equities analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s payout ratio is presently 9.78%.

Insider Activity

In other Carpenter Technology 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 transaction, the director owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director I Martin Inglis sold 5,691 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the sale, the director directly owned 6,732 shares of the company’s stock, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 over the last three months. Corporate insiders own 2.90% of the company’s stock.

About Carpenter Technology

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.