Ion Asset Management Ltd. Buys New Position in Carpenter Technology Corporation $CRS

Ion Asset Management Ltd. purchased a new position in Carpenter Technology Corporation (NYSE:CRS) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 16,400 shares of the basic materials company’s stock, valued at approximately $4,027,000. Carpenter Technology accounts for 0.4% of Ion Asset Management Ltd.’s holdings, making the stock its 27th largest position.

Other hedge funds also recently modified their holdings of the company. Clearstead Advisors LLC grew its stake in shares of Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after acquiring an additional 36 shares during the last quarter. Glass Jacobson Investment Advisors llc increased its holdings in shares of Carpenter Technology by 3.9% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock worth $239,000 after purchasing an additional 37 shares during the period. ANB Bank increased its holdings in shares of Carpenter Technology by 3.3% during the 2nd quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock worth $360,000 after purchasing an additional 42 shares during the period. Panagora Asset Management Inc. raised its position in shares of Carpenter Technology by 3.0% during the second quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock valued at $404,000 after buying an additional 43 shares during the last quarter. Finally, Independent Advisor Alliance grew its position in Carpenter Technology by 0.6% during the third quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company’s stock worth $1,639,000 after buying an additional 43 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Steven E. Karol sold 3,500 shares of the firm’s 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 completion of the sale, the director owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,300 shares of company stock worth $8,664,044 over the last ninety days. Insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $362.00 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. The business’s fifty day moving average price is $359.94 and its two-hundred day moving average price is $312.36. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $412.31. The stock has a market capitalization of $18.03 billion, a price-to-earnings ratio of 42.04, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. During the same period last year, the business earned $1.66 earnings per share. The business’s revenue was up 7.5% on a year-over-year basis. As a group, analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were given a $0.20 dividend. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s payout ratio is 9.29%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRS. Susquehanna initiated coverage on Carpenter Technology in a research note on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. BTIG Research raised their target price on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $385.50.

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.