Carpenter Technology Corporation $CRS Stock Sold by Overbrook Management Corp

Overbrook Management Corp trimmed its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 4.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 33,568 shares of the basic materials company’s stock after selling 1,686 shares during the period. Carpenter Technology makes up approximately 2.1% of Overbrook Management Corp’s holdings, making the stock its 15th largest holding. Overbrook Management Corp’s holdings in Carpenter Technology were worth $13,052,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in CRS. Kinetic Partners Management LP bought a new stake in shares of Carpenter Technology during the second quarter valued at approximately $19,122,000. Sanctuary Advisors LLC bought a new position in Carpenter Technology in the second quarter worth $2,978,000. Focus Partners Advisor Solutions LLC purchased a new position in Carpenter Technology during the second quarter valued at $3,095,000. SteelPeak Wealth LLC purchased a new position in Carpenter Technology during the first quarter valued at $2,593,000. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Carpenter Technology by 21.4% during the 2nd quarter. Handelsbanken Fonder AB now owns 17,240 shares of the basic materials company’s stock valued at $10,634,000 after buying an additional 3,040 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Insider Activity

In related news, Director Steven E. Karol sold 3,275 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the transaction, the director directly owned 177,000 shares in the company, valued at $83,912,160. The trade was a 1.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,996 shares of company stock worth $54,644,436 over the last 90 days. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Stock Down 1.1%

Shares of CRS traded down $4.21 during trading hours on Thursday, hitting $386.96. The company had a trading volume of 688,066 shares, compared to its average volume of 767,734. The firm has a fifty day moving average price of $466.62 and a 200-day moving average price of $481.39. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The stock has a market capitalization of $19.18 billion, a price-to-earnings ratio of 36.78, a P/E/G ratio of 1.40 and a beta of 1.29. Carpenter Technology Corporation has a 52-week low of $233.77 and a 52-week high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS 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 the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. Carpenter Technology’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.21 EPS. On average, equities research analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CRS shares. KeyCorp reduced their target price on shares of Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. BTIG Research upped their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a report on Friday, July 31st. TD Cowen raised their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Wells Fargo & Company lowered their target price on shares of Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating for the company in a report on Wednesday, September 30th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average price target of $545.62.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.