Lombard Odier Asset Management Europe Ltd Purchases New Shares in Carpenter Technology Corporation $CRS

Lombard Odier Asset Management Europe Ltd bought a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 15,583 shares of the basic materials company’s stock, valued at approximately $9,612,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Keating Financial Advisory Services Inc. bought a new position in Carpenter Technology during the second quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Carpenter Technology during the first quarter worth about $30,000. SJS Investment Consulting Inc. raised its position in Carpenter Technology by 81.8% in 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 period. Persistent Asset Partners Ltd bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Carpenter Technology in the second quarter valued at $56,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRS. KeyCorp dropped their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Wells Fargo & Company upped their target price on Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. TD Cowen lifted their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Susquehanna cut their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $577.25.

Insider Activity at Carpenter Technology

In other news, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the transaction, the chief executive officer directly owned 439,631 shares in the company, valued at $212,737,440.90. This trade represents a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 109,721 shares of company stock valued at $53,091,824. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Performance

NYSE CRS opened at $477.32 on Friday. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of 45.37, a PEG ratio of 1.76 and a beta of 1.25. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The company has a 50-day simple moving average of $557.70 and a two-hundred day simple moving average of $473.62. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same period last year, the company earned $2.21 EPS. Carpenter Technology’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

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.