Y Intercept Hong Kong Ltd Cuts Stock Position in Carpenter Technology Corporation $CRS

Y Intercept Hong Kong Ltd decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 29.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 3,339 shares of the basic materials company’s stock after selling 1,380 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Carpenter Technology were worth $1,316,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRS. Ion Asset Management Ltd. purchased a new stake in shares of Carpenter Technology during the third quarter worth $4,027,000. Kinetic Partners Management LP raised its stake in shares of Carpenter Technology by 15.5% in the third quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after acquiring an additional 51,800 shares in the last quarter. Dorsey Wright & Associates purchased a new position in Carpenter Technology in the third quarter valued at $9,280,000. Jain Global LLC boosted its holdings in Carpenter Technology by 322.9% in the third quarter. Jain Global LLC now owns 105,640 shares of the basic materials company’s stock valued at $25,939,000 after purchasing an additional 80,661 shares during the period. Finally, Wolf Hill Capital Management LP grew its stake in Carpenter Technology by 16,358.6% during the 3rd quarter. Wolf Hill Capital Management LP now owns 161,788 shares of the basic materials company’s stock worth $39,725,000 after purchasing an additional 160,805 shares in 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, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction that occurred 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. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This represents a 39.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by insiders.

Carpenter Technology Stock Down 2.1%

Carpenter Technology stock traded down $12.16 during midday trading on Friday, reaching $578.78. The company’s stock had a trading volume of 515,330 shares, compared to its average volume of 862,748. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The company has a market cap of $28.76 billion, a P/E ratio of 60.92, a P/E/G ratio of 1.72 and a beta of 1.22. The business has a 50-day simple moving average of $512.58 and a 200-day simple moving average of $422.29.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The business had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.88 EPS. On average, research analysts expect that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. TD Cowen increased their price target on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. BTIG Research boosted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company upped their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, KeyCorp lifted their price target on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $504.88.

About Carpenter Technology

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.