Meiji Yasuda Asset Management Co Ltd. Takes $708,000 Position in Carpenter Technology Corporation $CRS

Meiji Yasuda Asset Management Co Ltd. acquired a new position in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 1,147 shares of the basic materials company’s stock, valued at approximately $708,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Carpenter Technology during the second quarter valued at $3,834,623,000. Jennison Associates LLC purchased a new position in Carpenter Technology in the 1st quarter worth about $317,411,000. Sands Capital Management LLC purchased a new position in Carpenter Technology in the 4th quarter worth about $195,731,000. Norges Bank purchased a new position in Carpenter Technology in the 4th quarter worth about $195,254,000. Finally, TOMS Capital Investment Management LP acquired a new stake in Carpenter Technology during the 2nd quarter worth about $106,683,000. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRS has been the subject of a number of analyst reports. Susquehanna reduced their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. KeyCorp cut their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. BTIG Research upped their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Buy” and an average price target of $577.25.

Insider Buying and Selling

In related news, Director Ramin Younessi sold 438 shares of the business’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 transaction, the director directly owned 1,953 shares of the company’s stock, 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 SEC, which is accessible through the SEC website. Insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 1.6%

Shares of Carpenter Technology stock opened at $484.57 on Wednesday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The company has a market cap of $24.02 billion, a P/E ratio of 46.06, a P/E/G ratio of 1.71 and a beta of 1.25. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $563.64 and a 200 day moving average price of $471.76.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.14. The company 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 EPS. As a group, analysts expect that Carpenter Technology Corporation will post 13.08 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be 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 is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is currently 7.60%.

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.