Storgate LLC Buys New Position in Carpenter Technology Corporation $CRS

Storgate LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,472 shares of the basic materials company’s stock, valued at approximately $1,093,000. Carpenter Technology makes up about 0.9% of Storgate LLC’s holdings, making the stock its 12th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ion Asset Management Ltd. bought a new position in Carpenter Technology in the 3rd quarter valued at about $4,027,000. American Century Companies Inc. lifted its holdings in Carpenter Technology by 4.0% in the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after acquiring an additional 18,201 shares during the last quarter. Kinetic Partners Management LP lifted its holdings in Carpenter Technology by 15.5% in the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after acquiring an additional 51,800 shares during the last quarter. Bright Futures Wealth Management LLC. acquired a new stake in Carpenter Technology in the 3rd quarter valued at about $674,000. Finally, Citigroup Inc. lifted its holdings in Carpenter Technology by 64.3% in the 3rd quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock valued at $8,648,000 after acquiring an additional 13,779 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $560.25 on Friday. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $574.52. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $27.84 billion, a price-to-earnings ratio of 58.97, a PEG ratio of 1.94 and a beta of 1.25. The firm has a 50-day moving average of $446.24 and a two-hundred day moving average of $383.91.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same period in the prior year, the firm earned $1.88 earnings per share. The business’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts expect that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology’s dividend payout ratio is currently 8.42%.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRS. Wells Fargo & Company upped their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. KeyCorp upped their price target on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Finally, BTIG Research upped their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $458.63.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.