Sterling Capital Management LLC Lowers Holdings in Carpenter Technology Corporation $CRS

Sterling Capital Management LLC lowered its holdings in Carpenter Technology Corporation (NYSE:CRS) by 42.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,396 shares of the basic materials company’s stock after selling 1,014 shares during the period. Sterling Capital Management LLC’s holdings in Carpenter Technology were worth $550,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CRS. Aaron Wealth Advisors LLC acquired a new stake in Carpenter Technology during the 1st quarter worth approximately $219,000. Louisiana State Employees Retirement System acquired a new position in shares of Carpenter Technology in the first quarter worth $5,676,000. Fairvoy Private Wealth LLC acquired a new position in shares of Carpenter Technology in the first quarter worth $998,000. Longview Financial Advisors Inc. acquired a new position in shares of Carpenter Technology in the first quarter worth $55,000. Finally, Kestra Private Wealth Services LLC increased its position in shares of Carpenter Technology by 9.3% during the first quarter. Kestra Private Wealth Services LLC now owns 1,288 shares of the basic materials company’s stock worth $508,000 after acquiring an additional 110 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Susquehanna lifted their target price on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a report on Thursday, April 30th. Wells Fargo & Company boosted their target price on Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. KeyCorp upped their price target on Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a report on Tuesday. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, BTIG Research lifted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $481.75.

Insider Transactions at Carpenter Technology

In other news, 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 transaction of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $317,895. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by insiders.

Carpenter Technology Trading Down 2.1%

Shares of NYSE:CRS opened at $597.44 on Friday. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $624.50. The company’s 50 day moving average is $492.09 and its two-hundred day moving average is $411.49. The company has a market cap of $29.69 billion, a PE ratio of 62.89, a P/E/G ratio of 1.79 and a beta of 1.22. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data 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 business 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 company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.88 EPS. Equities analysts predict that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared 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. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s payout ratio is 8.42%.

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.