Legal & General Group Plc Takes Position in Carpenter Technology Corporation $CRS

Legal & General Group Plc purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 76,891 shares of the basic materials company’s stock, valued at approximately $47,429,000. Legal & General Group Plc owned 0.15% of Carpenter Technology as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Woodline Partners LP purchased a new stake in Carpenter Technology in the 1st quarter valued at approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after purchasing an additional 1,701 shares during the period. Focus Partners Wealth raised its stake in shares of Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after buying an additional 314 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $533,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carpenter Technology

In related news, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction on 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 transaction, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 109,721 shares of company stock valued at $53,091,824. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Trading Down 2.7%

Shares of Carpenter Technology stock opened at $477.32 on Friday. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The stock has a market cap of $23.66 billion, a PE ratio of 45.37, a price-to-earnings-growth ratio of 1.76 and a beta of 1.25. The company has a 50-day moving average of $557.70 and a two-hundred day moving average of $473.62.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $2.21 EPS. On average, research analysts anticipate that Carpenter Technology Corporation will post 13.08 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CRS shares. BTIG Research lifted their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Wells Fargo & Company increased their price objective on Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Susquehanna decreased their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research report on Friday, July 31st. 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. According to MarketBeat.com, Carpenter Technology has a consensus rating of “Buy” and an average price target of $577.25.

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.