Carpenter Technology Corporation $CRS Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 311.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,390 shares of the basic materials company’s stock after buying an additional 23,005 shares during the quarter. Pictet Asset Management Holding SA owned 0.06% of Carpenter Technology worth $11,816,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CRS. Kinetic Partners Management LP acquired a new position in Carpenter Technology during the 2nd quarter valued at about $19,122,000. Sanctuary Advisors LLC bought a new stake in Carpenter Technology during the 2nd quarter worth approximately $2,978,000. Focus Partners Advisor Solutions LLC bought a new stake in Carpenter Technology during the 2nd quarter worth approximately $3,095,000. SteelPeak Wealth LLC purchased a new stake in shares of Carpenter Technology in the first quarter worth approximately $2,593,000. Finally, Handelsbanken Fonder AB raised its stake in shares of Carpenter Technology by 21.4% in the second quarter. Handelsbanken Fonder AB now owns 17,240 shares of the basic materials company’s stock worth $10,634,000 after purchasing an additional 3,040 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $299.60 on Friday. Carpenter Technology Corporation has a 52 week low of $270.49 and a 52 week high of $625.98. The company’s 50 day moving average price is $367.48 and its two-hundred day moving average price is $440.63. The company has a quick ratio of 2.05, a current ratio of 3.94 and a debt-to-equity ratio of 0.32. The stock has a market cap of $14.84 billion, a P/E ratio of 26.42, a P/E/G ratio of 1.08 and a beta of 1.43.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.21. The firm had revenue of $634.80 million for the quarter, compared to the consensus estimate of $830.85 million. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.43 EPS. On average, equities analysts predict that Carpenter Technology Corporation will post 13.41 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Tuesday, October 20th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, October 20th. Carpenter Technology’s dividend payout ratio (DPR) is 7.05%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. KeyCorp cut Carpenter Technology from an “overweight” rating to a “sector weight” rating in a research report on Monday, October 26th. TD Cowen lowered their price target on Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a research report on Friday, October 9th. JPMorgan Chase & Co. dropped their price objective on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. BTIG Research cut their price objective on shares of Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Finally, Wells Fargo & Company reduced their target price on shares of Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 30th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $476.43.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,275 shares of the company’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the transaction, the director owned 177,000 shares in the company, valued at $83,912,160. This represents a 1.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 112,996 shares of company stock valued at $54,644,436. Insiders own 2.90% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corporation develops, manufactures and distributes specialty alloys and engineered materials for applications that require high performance in demanding environments. Its products include specialty steels, nickel- and cobalt-based alloys, titanium alloys, and precision-engineered components. The company serves customers in industries including aerospace and defense, medical, energy, transportation and industrial manufacturing. Its materials are used in products and equipment where strength, heat resistance, corrosion resistance or other specialized properties are important.