Carpenter Technology Corporation $CRS Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund trimmed its position in Carpenter Technology Corporation (NYSE:CRS) by 40.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,623 shares of the basic materials company’s stock after selling 1,802 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Carpenter Technology were worth $644,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology in the second quarter valued at approximately $28,000. Root Financial Partners LLC acquired a new stake in shares of Carpenter Technology in the third quarter worth $41,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Carpenter Technology by 54.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares during the period. Headlands Technologies LLC purchased a new position in shares of Carpenter Technology in the 2nd quarter valued at $43,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Carpenter Technology during the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $385.27 on Friday. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $390.70. The business has a 50 day moving average price of $337.98 and a two-hundred day moving average price of $295.11. The firm has a market cap of $19.19 billion, a PE ratio of 44.75, a price-to-earnings-growth ratio of 1.47 and a beta of 1.30.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating the consensus estimate 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 business’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.66 EPS. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.29%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRS shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. BTIG Research upped their price target on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $373.43.

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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Brian J. Malloy sold 4,130 shares of the 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 represents a 4.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 79,358 shares of company stock valued at $24,254,008 in the last three months. Insiders own 2.90% of the company’s stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.