Brighton Jones LLC Sells 2,011 Shares of Carpenter Technology Corporation $CRS

Brighton Jones LLC cut its stake in Carpenter Technology Corporation (NYSE:CRS) by 36.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,500 shares of the basic materials company’s stock after selling 2,011 shares during the quarter. Brighton Jones LLC’s holdings in Carpenter Technology were worth $1,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $3,834,623,000. SurgoCap Partners LP purchased a new position in Carpenter Technology in the 2nd quarter valued at approximately $423,444,000. Jennison Associates LLC purchased a new position in Carpenter Technology in the 1st quarter valued at approximately $317,411,000. Wellington Management Group LLP increased its stake in Carpenter Technology by 82.2% in the 2nd quarter. Wellington Management Group LLP now owns 506,167 shares of the basic materials company’s stock valued at $312,224,000 after purchasing an additional 228,290 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Carpenter Technology during the second quarter worth $231,252,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director owned 1,953 shares of the company’s stock, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the sale, the chief executive officer owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 112,996 shares of company stock valued at $54,644,436 over the last three months. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on CRS shares. BTIG Research decreased their target price on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. Weiss Ratings lowered Carpenter Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, November 4th. Susquehanna restated a “positive” rating and issued a $450.00 price target on shares of Carpenter Technology in a research report on Friday, October 23rd. JPMorgan Chase & Co. cut their price target on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Finally, TD Cowen cut their price target on Carpenter Technology from $650.00 to $500.00 and set a “buy” rating for the company in a research note on Friday, October 9th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $476.43.

Carpenter Technology Trading Down 2.3%

Shares of Carpenter Technology stock opened at $298.24 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.94 and a quick ratio of 2.05. Carpenter Technology Corporation has a 1 year low of $270.49 and a 1 year high of $625.98. The company has a market capitalization of $14.78 billion, a P/E ratio of 26.30, a P/E/G ratio of 1.08 and a beta of 1.43. The business has a 50 day moving average price of $374.03 and a 200 day moving average price of $441.03.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.04 by $0.21. The firm had revenue of $634.80 million for the quarter, compared to analyst estimates of $830.85 million. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. Carpenter Technology’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.43 EPS. Sell-side analysts anticipate that Carpenter Technology Corporation will post 13.41 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 20th. Carpenter Technology’s payout ratio is 7.05%.

About Carpenter Technology

Carpenter Technology Corporation develops, manufactures and distributes specialty alloys and engineered materials for applications that require high performance in demanding environments. Its products include specialty steels, nickel- and cobalt-based alloys, titanium alloys, and precision-engineered components. The company serves customers in industries including aerospace and defense, medical, energy, transportation and industrial manufacturing. Its materials are used in products and equipment where strength, heat resistance, corrosion resistance or other specialized properties are important.