Icon Advisers Inc. Co. Decreases Stock Holdings in Carpenter Technology Corporation $CRS

Icon Advisers Inc. Co. lowered its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 24.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,000 shares of the basic materials company’s stock after selling 4,500 shares during the quarter. Icon Advisers Inc. Co.’s holdings in Carpenter Technology were worth $3,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Barclays PLC raised its holdings in Carpenter Technology by 5.8% in the third quarter. Barclays PLC now owns 591,981 shares of the basic materials company’s stock worth $145,355,000 after purchasing an additional 32,645 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Carpenter Technology by 15.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock valued at $138,328,000 after buying an additional 71,872 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Carpenter Technology by 4.0% in the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after buying an additional 18,201 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Carpenter Technology by 244.3% in the 2nd quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock valued at $113,669,000 after buying an additional 291,829 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in shares of Carpenter Technology by 10.9% in the 2nd quarter. Franklin Resources Inc. now owns 393,039 shares of the basic materials company’s stock worth $108,628,000 after buying an additional 38,699 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

CRS has been the subject of several recent analyst reports. BTIG Research boosted their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. TD Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Finally, Susquehanna started coverage on Carpenter Technology in a research report on Tuesday. They issued a “positive” rating and a $470.00 price objective for the company. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average target price of $385.50.

Insider Buying and Selling

In related news, SVP James D. Dee sold 15,800 shares of the 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 transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 97,758 shares of company stock valued at $31,665,177 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Price Performance

NYSE CRS opened at $386.39 on Friday. The company has a market cap of $19.25 billion, a price-to-earnings ratio of 44.88, a PEG ratio of 1.55 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. The stock’s fifty day moving average price is $353.26 and its 200 day moving average price is $306.24. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $412.31.

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

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is 9.29%.

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.