Tidal Investments LLC Cuts Stock Holdings in Carpenter Technology Corporation $CRS

Tidal Investments LLC lowered its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 8.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 28,376 shares of the basic materials company’s stock after selling 2,779 shares during the quarter. Tidal Investments LLC’s holdings in Carpenter Technology were worth $17,503,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CRS. California State Teachers Retirement System boosted its holdings in Carpenter Technology by 58,677.5% during the 2nd quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company’s stock worth $20,906,110,000 after acquiring an additional 33,834,612 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth $3,834,623,000. State Street Corp raised its holdings in shares of Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after purchasing an additional 192,533 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Carpenter Technology by 18.8% in the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after purchasing an additional 327,302 shares during the last quarter. Finally, Egerton Capital UK LLP raised its holdings in shares of Carpenter Technology by 13.0% in the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after purchasing an additional 178,679 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $448.04 on Friday. The firm has a market capitalization of $22.20 billion, a P/E ratio of 42.59, a PEG ratio of 1.62 and a beta of 1.26. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The business has a fifty day moving average price of $534.28 and a 200-day moving average price of $480.13.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter last year, the firm posted $2.21 EPS. The company’s revenue was up 12.6% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, August 25th. Carpenter Technology’s payout ratio is presently 7.60%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CRS. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. cut their target price on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. BTIG Research upped their target price on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a report on Friday, July 31st. Susquehanna dropped their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. Finally, Wells Fargo & Company boosted their price objective on Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $577.25.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,275 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $474.08, for a total value of $1,552,612.00. Following the sale, the director owned 177,000 shares of the company’s stock, valued at $83,912,160. This trade represents a 1.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,996 shares of company stock worth $54,644,436 in the last three months. 2.90% of the stock is owned by insiders.

Carpenter Technology Profile

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.