Lombard Odier Asset Management USA Corp Raises Stock Position in Carpenter Technology Corporation $CRS

Lombard Odier Asset Management USA Corp grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 27.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,715 shares of the basic materials company’s stock after acquiring an additional 1,680 shares during the period. Lombard Odier Asset Management USA Corp’s holdings in Carpenter Technology were worth $1,894,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. SurgoCap Partners LP increased its holdings in Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after purchasing an additional 272,896 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Carpenter Technology by 20.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company’s stock worth $154,840,000 after buying an additional 107,552 shares during the period. Barclays PLC grew its position in shares of Carpenter Technology by 5.8% during the 3rd quarter. Barclays PLC now owns 591,981 shares of the basic materials company’s stock worth $145,355,000 after buying an additional 32,645 shares in the last quarter. Aspex Management HK Ltd bought a new position in shares of Carpenter Technology during the 3rd quarter worth $136,215,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Carpenter Technology by 15.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock valued at $138,328,000 after buying an additional 71,872 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent research reports. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. BTIG Research upped their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Susquehanna initiated coverage on shares of Carpenter Technology in a research note on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $385.50.

Carpenter Technology Stock Up 3.6%

Shares of CRS stock opened at $374.23 on Tuesday. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $412.31. The firm has a market capitalization of $18.64 billion, a PE ratio of 43.46, a P/E/G ratio of 1.42 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The stock’s 50-day simple moving average is $360.61 and its 200-day simple moving average is $313.29.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. The firm had revenue of $728.00 million during the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The company’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.66 earnings per share. Equities analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is 9.29%.

Insider Buying and Selling at Carpenter Technology

In other news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the firm’s 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 transaction, the senior vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,300 shares of company stock worth $8,664,044 over the last ninety days. Insiders own 2.90% of the company’s stock.

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.