Sumitomo Mitsui Trust Group Inc. Takes $1.78 Million Position in Carpenter Technology Corporation $CRS

Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the first quarter, HoldingsChannel reports. The institutional investor bought 4,527 shares of the basic materials company’s stock, valued at approximately $1,784,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Advisory Services Inc. increased its stake in Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock worth $280,000 after buying an additional 32 shares during the period. Abel Hall LLC boosted its position in Carpenter Technology by 3.2% in the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after buying an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC boosted its position in Carpenter Technology by 2.4% in the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock valued at $444,000 after buying an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in shares of Carpenter Technology by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after acquiring an additional 34 shares in the last quarter. Finally, SJS Investment Consulting Inc. increased its position in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director owned 750 shares of the company’s stock, valued at approximately $317,895. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Down 0.1%

NYSE:CRS opened at $576.27 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The company has a market capitalization of $28.63 billion, a price-to-earnings ratio of 60.66, a price-to-earnings-growth ratio of 1.68 and a beta of 1.22. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The stock has a 50-day simple moving average of $520.30 and a 200 day simple moving average of $427.97.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm had revenue of $655.60 million for the quarter, compared to analysts’ expectations of $797.00 million. During the same quarter in the prior year, the firm posted $1.88 earnings per share. Carpenter Technology’s revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts predict that Carpenter Technology Corporation will post 10.57 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Susquehanna increased their price target on Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a report on Thursday, July 9th. TD Cowen lifted their price objective on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday. KeyCorp upped their target price on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $556.75.

Carpenter Technology 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.