OP Asset Management Ltd Invests $819,000 in Carpenter Technology Corporation $CRS

OP Asset Management Ltd bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 2,077 shares of the basic materials company’s stock, valued at approximately $819,000.

Other hedge funds also recently added to or reduced their stakes in the company. Ion Asset Management Ltd. acquired a new stake in Carpenter Technology in the 3rd quarter worth approximately $4,027,000. American Century Companies Inc. grew its position in Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock worth $114,841,000 after purchasing an additional 18,201 shares during the last quarter. Kinetic Partners Management LP increased its stake in Carpenter Technology by 15.5% during the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after purchasing an additional 51,800 shares in the last quarter. Bright Futures Wealth Management LLC. acquired a new position in Carpenter Technology during the 3rd quarter valued at approximately $674,000. Finally, Citigroup Inc. raised its holdings in shares of Carpenter Technology by 64.3% in the third quarter. Citigroup Inc. now owns 35,219 shares of the basic materials company’s stock worth $8,648,000 after buying an additional 13,779 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 2.3%

CRS stock opened at $605.15 on Tuesday. The firm’s fifty day simple moving average is $482.35 and its 200-day simple moving average is $405.32. The company has a market capitalization of $30.07 billion, a P/E ratio of 63.70, a price-to-earnings-growth ratio of 2.04 and a beta of 1.25. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $608.52.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.88 earnings per share. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Insider Transactions at Carpenter Technology

In other news, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CRS shares. Susquehanna lifted their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. BTIG Research raised their target price on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $458.62.

Carpenter Technology 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.