GW&K Investment Management LLC Boosts Stake in Carpenter Technology Corporation $CRS

GW&K Investment Management LLC increased its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 1.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 76,060 shares of the basic materials company’s stock after purchasing an additional 1,118 shares during the period. GW&K Investment Management LLC owned approximately 0.15% of Carpenter Technology worth $23,947,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CRS. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $28,000. Armstrong Advisory Group Inc. boosted its position in shares of Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 43 shares during the period. Spire Wealth Management boosted its position in shares of Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the period. Headlands Technologies LLC purchased a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $43,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on CRS. KeyCorp increased their price objective on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. TD Cowen increased their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $458.63.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $524.90 on Thursday. The firm has a market cap of $26.08 billion, a PE ratio of 55.25, a price-to-earnings-growth ratio of 1.94 and a beta of 1.25. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $537.41. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The company’s 50 day moving average is $439.73 and its two-hundred day moving average is $380.88.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 EPS. On average, research analysts expect that Carpenter Technology Corporation will post 10.55 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is 8.42%.

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.