Penserra Capital Management LLC Acquires Shares of 258 Carpenter Technology Corporation $CRS

Penserra Capital Management LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 258 shares of the basic materials company’s stock, valued at approximately $71,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Egerton Capital UK LLP purchased a new stake in Carpenter Technology in the first quarter worth $329,727,000. Invesco Ltd. boosted its holdings in shares of 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 buying an additional 570,441 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth about $134,790,000. Nuveen LLC purchased a new stake in shares of Carpenter Technology in the 1st quarter worth about $63,136,000. Finally, Driehaus Capital Management LLC increased its stake in shares of Carpenter Technology by 79.2% in the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after acquiring an additional 253,163 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of CRS opened at $324.69 on Friday. The business’s fifty day simple moving average is $267.98 and its two-hundred day simple moving average is $255.40. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $342.11. The company has a market cap of $16.18 billion, a price-to-earnings ratio of 39.69, a P/E/G ratio of 1.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. During the same quarter in the previous year, the business earned $1.73 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. Research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Activity

In other news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction that occurred 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 completion of the sale, the director directly owned 6,732 shares in the company, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 in the last 90 days. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CRS has been the topic of several research reports. TD Cowen boosted their price objective on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the stock a “buy” rating in a research note on Friday, October 24th. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective for the company in a research report on Thursday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $371.14.

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.