Carpenter Technology Corporation $CRS Shares Sold by GAMMA Investing LLC

GAMMA Investing LLC lowered its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 1.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,601 shares of the basic materials company’s stock after selling 44 shares during the quarter. GAMMA Investing LLC’s holdings in Carpenter Technology were worth $719,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after purchasing an additional 570,441 shares during the period. Egerton Capital UK LLP bought a new stake in Carpenter Technology during the 1st quarter valued at $329,727,000. Advent International L.P. raised its stake in Carpenter Technology by 12.1% during the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company’s stock valued at $145,819,000 after acquiring an additional 87,186 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Carpenter Technology by 4.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company’s stock valued at $113,114,000 after acquiring an additional 27,123 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Carpenter Technology by 13.9% during the 1st quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company’s stock valued at $106,695,000 after acquiring an additional 71,747 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director directly owned 6,732 shares of the company’s stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,124 shares of company stock valued at $6,890,250 over the last three months. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Down 2.3%

CRS opened at $233.53 on Thursday. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $290.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The stock’s fifty day moving average is $251.77 and its 200-day moving average is $230.03. The company has a market capitalization of $11.64 billion, a PE ratio of 31.47, a P/E/G ratio of 1.09 and a beta of 1.52.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. During the same quarter in the previous year, the business earned $1.82 EPS. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology’s payout ratio is 10.78%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRS. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Monday, August 4th. Benchmark lifted their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research note on Tuesday, June 17th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $278.33.

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.