Tidal Investments LLC Sells 2,779 Shares of Carpenter Technology Corporation $CRS

Tidal Investments LLC reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 8.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,376 shares of the basic materials company’s stock after selling 2,779 shares during the quarter. Tidal Investments LLC owned 0.06% of Carpenter Technology worth $17,503,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Geneos Wealth Management Inc. bought a new position in Carpenter Technology in the 2nd quarter valued at $28,000. Keating Financial Advisory Services Inc. acquired a new position in Carpenter Technology in the second quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Carpenter Technology during the first quarter valued at approximately $30,000. SJS Investment Consulting Inc. grew its holdings in shares of Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after buying an additional 36 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Carpenter Technology in the second quarter valued at about $43,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRS has been the topic of a number of research analyst reports. KeyCorp dropped their price target on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. BTIG Research increased their target price on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Wall Street Zen cut Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Wells Fargo & Company raised their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Finally, Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $577.25.

Insider Activity

In other news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction 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 transaction, the director owned 1,953 shares in the company, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tony 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 completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 112,996 shares of company stock valued at $54,644,436. Insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

NYSE:CRS opened at $448.04 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The company has a market cap of $22.20 billion, a P/E ratio of 42.59, a P/E/G ratio of 1.62 and a beta of 1.26. The stock’s 50-day simple moving average is $534.28 and its 200 day simple moving average is $480.13.

Carpenter Technology (NYSE:CRS) last released its earnings results 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 firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.21 earnings per share. As a group, sell-side analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.