Sheets Smith Investment Management Sells 3,746 Shares of Carpenter Technology Corporation $CRS

Sheets Smith Investment Management lessened its holdings in Carpenter Technology Corporation (NYSE:CRS) by 36.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,664 shares of the basic materials company’s stock after selling 3,746 shares during the quarter. Sheets Smith Investment Management’s holdings in Carpenter Technology were worth $1,636,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Raymond James Financial Inc. lifted its position in shares of Carpenter Technology by 8.2% during the 1st quarter. Raymond James Financial Inc. now owns 119,448 shares of the basic materials company’s stock worth $21,641,000 after buying an additional 9,079 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Carpenter Technology by 3.8% in the first quarter. Wellington Management Group LLP now owns 258,504 shares of the basic materials company’s stock worth $46,836,000 after acquiring an additional 9,409 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Carpenter Technology by 82.7% during the 1st quarter. Hsbc Holdings PLC now owns 8,994 shares of the basic materials company’s stock valued at $1,615,000 after purchasing an additional 4,070 shares during the last quarter. Credit Agricole S A grew its holdings in shares of Carpenter Technology by 88.9% during the 1st quarter. Credit Agricole S A now owns 19,145 shares of the basic materials company’s stock valued at $3,469,000 after purchasing an additional 9,010 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Carpenter Technology by 85.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 387,788 shares of the basic materials company’s stock worth $70,261,000 after purchasing an additional 178,302 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Activity

In related news, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. The trade was a 28.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Brian J. Malloy sold 4,130 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total value of $1,253,537.60. Following the transaction, the chief operating officer directly owned 78,875 shares in the company, valued at approximately $23,940,140. This trade represents a 4.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

CRS stock opened at $320.81 on Friday. The firm has a market cap of $15.98 billion, a PE ratio of 39.22, a price-to-earnings-growth ratio of 1.32 and a beta of 1.31. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $303.43 and a 200-day moving average price of $272.01. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $342.11.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 earnings per share. As a group, equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 9.78%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Finally, BTIG Research boosted their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $371.14.

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.