Prudential Financial Inc. Increases Stock Position in Carpenter Technology Corporation $CRS

Prudential Financial Inc. grew its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 43.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,082 shares of the basic materials company’s stock after buying an additional 16,954 shares during the period. Prudential Financial Inc.’s holdings in Carpenter Technology were worth $15,500,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Invesco Ltd. boosted its stake in Carpenter Technology by 37.1% during the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock worth $381,869,000 after acquiring an additional 570,441 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $134,790,000. Nuveen LLC bought a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $63,136,000. Driehaus Capital Management LLC boosted its position in shares of Carpenter Technology by 79.2% in the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after purchasing an additional 253,163 shares in the last quarter. Finally, Forest Avenue Capital Management LP grew its stake in shares of Carpenter Technology by 81.8% in the 1st quarter. Forest Avenue Capital Management LP now owns 548,067 shares of the basic materials company’s stock worth $99,299,000 after buying an additional 246,599 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective on the stock in a research report on Thursday, November 13th. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Finally, TD Cowen increased their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a report on Friday, October 24th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $371.14.

Insider Buying and Selling

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

NYSE CRS opened at $318.92 on Thursday. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $342.11. The stock has a 50-day moving average of $281.59 and a 200 day moving average of $262.96. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The company has a market capitalization of $15.89 billion, a price-to-earnings ratio of 38.99, a PEG ratio of 1.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. During the same quarter last year, the firm posted $1.73 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a $0.20 dividend. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.78%.

Carpenter Technology Company Profile

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.