Carpenter Technology Corporation $CRS Shares Newly Bought by M&G PLC

M&G PLC bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 35,503 shares of the basic materials company’s stock, valued at approximately $13,811,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $3,834,623,000. Jennison Associates LLC acquired a new stake in shares of Carpenter Technology during the 1st quarter valued at approximately $317,411,000. SurgoCap Partners LP acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at approximately $423,444,000. Bank of New York Mellon Corp bought a new position in Carpenter Technology during the second quarter worth $231,252,000. Finally, William Blair Investment Management LLC bought a new position in Carpenter Technology during the second quarter worth $205,165,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,275 shares of the company’s stock in a transaction that occurred 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 sale, the director directly owned 177,000 shares in the company, valued at $83,912,160. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was 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 owned 439,631 shares of the company’s stock, valued at $212,737,440.90. This trade represents a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 112,996 shares of company stock worth $54,644,436 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Price Performance

Shares of CRS opened at $298.24 on Wednesday. Carpenter Technology Corporation has a one year low of $270.49 and a one year high of $625.98. The stock’s fifty day moving average is $374.03 and its 200-day moving average is $441.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.05 and a current ratio of 3.94. The firm has a market capitalization of $14.78 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth 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 (EPS) for the quarter, beating analysts’ consensus estimates of $3.04 by $0.21. The firm had revenue of $634.80 million during the quarter, compared to analyst estimates of $830.85 million. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. Carpenter Technology’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.43 EPS. Equities analysts anticipate that Carpenter Technology Corporation will post 13.41 EPS for the current year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. TD Cowen decreased their price objective on shares of Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a report on Friday, October 9th. KeyCorp downgraded shares of Carpenter Technology from an “overweight” rating to a “sector weight” rating in a research report on Monday, October 26th. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, November 4th. BTIG Research lowered their price objective on shares of Carpenter Technology from $620.00 to $470.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Finally, Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $476.43.

About Carpenter Technology

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.