Cibc World Market Inc. Invests $7.60 Million in Carpenter Technology Corporation $CRS

Cibc World Market Inc. purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 12,325 shares of the basic materials company’s stock, valued at approximately $7,603,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CRS. BlackRock Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter worth about $3,834,623,000. State Street Corp grew its stake in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after buying an additional 192,533 shares during the period. Invesco Ltd. lifted its holdings in shares of Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after acquiring an additional 327,302 shares in the last quarter. Egerton Capital UK LLP increased its holdings in Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after purchasing an additional 178,679 shares in the last quarter. Finally, SurgoCap Partners LP increased its holdings in Carpenter Technology by 29.5% in the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after purchasing an additional 272,896 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on CRS. TD Cowen boosted their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. BTIG Research lifted their target price on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Susquehanna reduced their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. Wells Fargo & Company upped their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $577.25.

Carpenter Technology Trading Up 1.6%

Carpenter Technology stock opened at $484.57 on Wednesday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $563.64 and a two-hundred day moving average price of $471.76. The firm has a market capitalization of $24.02 billion, a price-to-earnings ratio of 46.06, a PEG ratio of 1.71 and a beta of 1.25. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same period in the previous year, the business earned $2.21 earnings per share. The company’s revenue was up 12.6% on a year-over-year basis. Sell-side analysts expect that Carpenter Technology Corporation will post 13.08 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be given a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

Insider Activity

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, the director owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.