Moore Capital Management LP Cuts Stock Position in Carpenter Technology Corporation $CRS

Moore Capital Management LP lessened its holdings in Carpenter Technology Corporation (NYSE:CRS) by 69.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,523 shares of the basic materials company’s stock after selling 15,048 shares during the quarter. Moore Capital Management LP’s holdings in Carpenter Technology were worth $4,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter worth about $3,834,623,000. State Street Corp increased its holdings in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after buying an additional 192,533 shares during the last quarter. Invesco Ltd. raised its position in Carpenter Technology by 18.8% in the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after acquiring an additional 327,302 shares during the period. Egerton Capital UK LLP raised its position in Carpenter Technology by 13.0% in the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after acquiring an additional 178,679 shares during the period. Finally, SurgoCap Partners LP boosted its stake in Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after acquiring an additional 272,896 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. BTIG Research raised their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Wells Fargo & Company boosted their target price on Carpenter Technology from $425.00 to $540.00 and gave the company 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 research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. cut their price target on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $476.72 on Tuesday. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The business has a fifty day moving average price of $555.47 and a 200-day moving average price of $475.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The firm has a market capitalization of $23.63 billion, a P/E ratio of 45.32, a PEG ratio of 1.71 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.During the same period in the previous year, the company posted $2.21 EPS. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 13.09 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Insider Activity

In other news, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares of the company’s stock, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 109,721 shares of company stock worth $53,091,824. Company insiders own 2.90% of the company’s stock.

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