Candriam S.C.A. Makes New Investment in Carpenter Technology Corporation $CRS

Candriam S.C.A. purchased a new position in Carpenter Technology Corporation (NYSE:CRS) during the third quarter, Holdings Channel.com reports. The firm purchased 9,172 shares of the basic materials company’s stock, valued at approximately $3,579,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Ethic Inc. boosted its holdings in shares of Carpenter Technology by 24.6% in the third quarter. Ethic Inc. now owns 7,338 shares of the basic materials company’s stock worth $2,853,000 after buying an additional 1,450 shares during the period. StoneX Group Inc. purchased a new position in shares of Carpenter Technology in the third quarter worth approximately $460,000. Pictet Asset Management Holding SA raised its holdings in shares of Carpenter Technology by 311.5% during the third quarter. Pictet Asset Management Holding SA now owns 30,390 shares of the basic materials company’s stock valued at $11,816,000 after acquiring an additional 23,005 shares during the period. Alps Advisors Inc. raised its holdings in shares of Carpenter Technology by 2.9% during the third quarter. Alps Advisors Inc. now owns 4,340 shares of the basic materials company’s stock valued at $1,687,000 after acquiring an additional 122 shares during the period. Finally, Freemont Management S.A. acquired a new stake in shares of Carpenter Technology during the third quarter valued at approximately $778,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

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

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $3.25 EPS for the quarter, topping the consensus estimate of $3.04 by $0.21. The business had revenue of $634.80 million during the quarter, compared to analysts’ expectations of $830.85 million. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $2.43 earnings per share. Equities research analysts expect that Carpenter Technology Corporation will post 13.41 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Steven E. Karol sold 3,275 shares of the business’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the transaction, the director owned 177,000 shares in the company, valued at approximately $83,912,160. This represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 112,996 shares of company stock worth $54,644,436. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRS shares. Susquehanna reaffirmed a “positive” rating and issued a $450.00 price objective on shares of Carpenter Technology in a research note on Friday, October 23rd. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, November 4th. Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. KeyCorp lowered Carpenter Technology from an “overweight” rating to a “sector weight” rating in a report on Monday, October 26th. Finally, BTIG Research decreased their target price on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $476.43.

Carpenter Technology Company Profile

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.