Carpenter Technology Corporation $CRS Stock Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al cut its position in Carpenter Technology Corporation (NYSE:CRS) by 79.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,549 shares of the basic materials company’s stock after selling 9,933 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Carpenter Technology were worth $991,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Kinetic Partners Management LP bought a new position in Carpenter Technology during the 2nd quarter valued at $19,122,000. Sanctuary Advisors LLC acquired a new position in Carpenter Technology during the second quarter worth about $2,978,000. Focus Partners Advisor Solutions LLC bought a new stake in Carpenter Technology in the second quarter worth about $3,095,000. SteelPeak Wealth LLC acquired a new stake in Carpenter Technology during the first quarter valued at approximately $2,593,000. Finally, Handelsbanken Fonder AB boosted its holdings in Carpenter Technology by 21.4% during the second quarter. Handelsbanken Fonder AB now owns 17,240 shares of the basic materials company’s stock worth $10,634,000 after buying an additional 3,040 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling

In other Carpenter Technology news, Director Steven E. Karol sold 3,275 shares of the 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 completion of the sale, the director directly owned 177,000 shares of the company’s stock, valued at $83,912,160. This represents a 1.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Tony R. Thene sold 57,456 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the transaction, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 112,996 shares of company stock valued at $54,644,436. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CRS. Susquehanna reiterated a “positive” rating and set a $450.00 price objective on shares of Carpenter Technology in a research report on Friday, October 23rd. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, October 22nd. BTIG Research reduced their price target on shares of Carpenter Technology from $620.00 to $470.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. TD Cowen cut their target price on shares of Carpenter Technology from $650.00 to $500.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Finally, JPMorgan Chase & Co. dropped their price target on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus price target of $476.43.

Carpenter Technology Stock Performance

Shares of CRS opened at $279.04 on Friday. The firm has a market cap of $13.82 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 1.03 and a beta of 1.43. The company’s fifty day moving average is $385.28 and its 200-day moving average is $441.63. The company has a quick ratio of 2.05, a current ratio of 3.94 and a debt-to-equity ratio of 0.32. Carpenter Technology Corporation has a 12 month low of $270.49 and a 12 month high of $625.98.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 22nd. The basic materials company reported $3.25 EPS for the quarter, topping the consensus estimate of $3.04 by $0.21. The firm had revenue of $634.80 million for the quarter, compared to the consensus estimate of $830.85 million. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.43 earnings per share. Equities analysts expect that Carpenter Technology Corporation will post 13.41 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, October 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology’s payout ratio is presently 7.05%.

Carpenter Technology Company Profile

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

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.