JPMorgan Chase & Co. Increases Stake in Carpenter Technology Corporation $CRS

JPMorgan Chase & Co. boosted its stake in Carpenter Technology Corporation (NYSE:CRS) by 5.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 208,919 shares of the basic materials company’s stock after buying an additional 10,148 shares during the period. JPMorgan Chase & Co.’s holdings in Carpenter Technology were worth $51,298,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $28,000. Root Financial Partners LLC bought a new stake in shares of Carpenter Technology during the third quarter valued at approximately $41,000. MassMutual Private Wealth & Trust FSB grew its stake in Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 60 shares during the period. Headlands Technologies LLC bought a new position in Carpenter Technology in the second quarter worth $43,000. Finally, Rakuten Securities Inc. bought a new position in Carpenter Technology in the second quarter worth $45,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CRS. BTIG Research boosted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” 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 report on Saturday, January 31st. Finally, Susquehanna started coverage on shares of Carpenter Technology in a research note on Tuesday, March 3rd. They set a “positive” rating and a $470.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $385.50.

Carpenter Technology Trading Down 4.1%

NYSE CRS opened at $362.49 on Friday. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $412.31. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average price is $364.25 and its 200-day moving average price is $316.06. The stock has a market cap of $18.06 billion, a P/E ratio of 42.10, a P/E/G ratio of 1.48 and a beta of 1.22.

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

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th 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, January 27th. Carpenter Technology’s dividend payout ratio is currently 9.29%.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of the business’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 value of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% 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, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were 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. This trade represents a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 22,300 shares of company stock worth $8,664,044. Insiders own 2.90% of the company’s stock.

Carpenter Technology Company 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.