Junto Capital Management LP Reduces Position in Carpenter Technology Corporation $CRS

Junto Capital Management LP decreased its holdings in Carpenter Technology Corporation (NYSE:CRS) by 72.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 33,043 shares of the basic materials company’s stock after selling 87,314 shares during the quarter. Junto Capital Management LP owned approximately 0.07% of Carpenter Technology worth $20,382,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new stake in Carpenter Technology in the second quarter valued at about $2,978,000. Kinetic Partners Management LP bought a new position in Carpenter Technology during the 2nd quarter worth approximately $19,122,000. Focus Partners Advisor Solutions LLC bought a new position in Carpenter Technology during the 2nd quarter worth approximately $3,095,000. Covestor Ltd grew its position in shares of Carpenter Technology by 334.3% in the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after acquiring an additional 2,688 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Carpenter Technology by 21.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 17,240 shares of the basic materials company’s stock valued at $10,634,000 after acquiring an additional 3,040 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 topic of several research analyst reports. Susquehanna reduced their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research report on Monday, August 31st. Wells Fargo & Company lifted their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a report on Tuesday, August 4th. KeyCorp dropped their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Finally, Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology presently has an average rating of “Buy” and an average target price of $577.25.

Carpenter Technology Trading Up 0.1%

Carpenter Technology stock opened at $459.16 on Thursday. 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 $537.27 and a two-hundred day moving average price of $479.72. The firm has a market capitalization of $22.76 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 1.62 and a beta of 1.26. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. Carpenter Technology’s revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.21 earnings per share. Sell-side analysts expect that Carpenter Technology Corporation will post 13.28 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Insider Activity

In related news, Director Steven Karol sold 3,275 shares of Carpenter Technology stock in a transaction dated 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 sale, the director directly owned 177,000 shares in the company, valued at $83,912,160. The trade was a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tony Thene sold 57,456 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. The trade was a 11.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 112,996 shares of company stock valued at $54,644,436. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Company Profile

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

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.