Carpenter Technology Corporation $CRS Shares Sold by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC cut its stake in Carpenter Technology Corporation (NYSE:CRS) by 3.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 297,460 shares of the basic materials company’s stock after selling 9,510 shares during the period. Carpenter Technology accounts for approximately 1.4% of TimesSquare Capital Management LLC’s portfolio, making the stock its 13th largest position. TimesSquare Capital Management LLC’s holdings in Carpenter Technology were worth $93,652,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology in the second quarter worth approximately $28,000. Armstrong Advisory Group Inc. boosted its position in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the last quarter. Root Financial Partners LLC acquired a new stake in shares of Carpenter Technology in the third quarter worth approximately $41,000. Spire Wealth Management boosted its position in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 84 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Carpenter Technology in the second quarter worth approximately $43,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 1.1%

CRS opened at $404.54 on Tuesday. The firm has a market capitalization of $20.10 billion, a P/E ratio of 42.58, a P/E/G ratio of 1.53 and a beta of 1.24. The firm’s 50 day moving average is $411.05 and its 200-day moving average is $363.22. Carpenter Technology Corporation has a 52-week low of $219.58 and a 52-week high of $475.69. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.88 earnings per share. Analysts expect that Carpenter Technology Corporation will post 10.43 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Analyst Ratings Changes

CRS has been the topic of several research analyst reports. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. KeyCorp raised their target price on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. BTIG Research raised their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $438.78.

Insider Activity

In other news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. This trade represents a 1.53% 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, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 34,865 shares of company stock worth $14,196,607. Company insiders own 2.90% of the company’s stock.

Carpenter Technology 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.