Carpenter Technology Corporation $CRS Shares Newly Purchased by Freemont Management S.A.

Freemont Management S.A. purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,000 shares of the basic materials company’s stock, valued at approximately $778,000. Carpenter Technology comprises about 0.7% of Freemont Management S.A.’s portfolio, making the stock its 14th biggest holding.

A number of other large investors have also recently made changes to their positions in the stock. Keating Financial Advisory Services Inc. purchased a new position in shares of Carpenter Technology during the second quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in Carpenter Technology during the first quarter valued at approximately $30,000. Provenance Wealth Advisors LLC purchased a new stake in Carpenter Technology in the third quarter worth approximately $30,000. Hollencrest Capital Management purchased a new stake in Carpenter Technology in the first quarter worth approximately $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Carpenter Technology by 43.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 133 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 40 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Carpenter Technology

In other news, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the transaction, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,275 shares of Carpenter Technology stock in a transaction on Friday, September 4th. The stock was 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 $83,912,160. This represents a 1.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 112,996 shares of company stock valued at $54,644,436. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Wells Fargo & Company cut their target price on shares of Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 30th. BTIG Research lowered their price target on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. KeyCorp cut Carpenter Technology from an “overweight” rating to a “sector weight” rating in a report on Monday, October 26th. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Finally, JPMorgan Chase & Co. cut their price objective on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $476.43.

Carpenter Technology Trading Down 4.5%

Carpenter Technology stock opened at $279.04 on Friday. Carpenter Technology Corporation has a 52-week low of $270.49 and a 52-week high of $625.98. The company has a market cap of $13.82 billion, a P/E ratio of 24.61, a P/E/G ratio of 1.03 and a beta of 1.43. The company has a quick ratio of 2.05, a current ratio of 3.94 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $385.28 and a two-hundred day simple moving average of $441.63.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.21. The firm had revenue of $634.80 million for 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 business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.43 EPS. Analysts predict that Carpenter Technology Corporation will post 13.41 EPS for the current year.

Carpenter Technology Announces Dividend

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

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.