Charles Schwab Investment Management Inc. Sells 130,520 Shares of Carpenter Technology Corporation $CRS

Charles Schwab Investment Management Inc. lowered its position in Carpenter Technology Corporation (NYSE:CRS) by 19.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 536,051 shares of the basic materials company’s stock after selling 130,520 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Carpenter Technology were worth $148,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd acquired a new position in shares of Carpenter Technology during the second quarter worth $1,460,000. Hancock Whitney Corp bought a new position in Carpenter Technology during the 1st quarter worth $819,000. Graham Capital Management L.P. lifted its holdings in Carpenter Technology by 175.8% during the 1st quarter. Graham Capital Management L.P. now owns 3,643 shares of the basic materials company’s stock worth $660,000 after buying an additional 2,322 shares during the period. Titan Global Capital Management USA LLC acquired a new position in Carpenter Technology during the 2nd quarter worth about $2,823,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in shares of Carpenter Technology in the 1st quarter valued at about $324,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 1.2%

Shares of CRS stock opened at $318.92 on Thursday. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $342.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The stock has a 50 day simple moving average of $281.59 and a two-hundred day simple moving average of $262.96. The company has a market cap of $15.89 billion, a P/E ratio of 38.99, a PEG ratio of 1.41 and a beta of 1.47.

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

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.78%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRS. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Jones Trading started coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price for the company. BTIG Research raised their price target on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Finally, TD Cowen lifted their target price on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $371.14.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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.