Carpenter Technology Corporation $CRS Stake Lifted by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 311.5% in the third quarter, Holdings Channel reports. The fund owned 30,390 shares of the basic materials company’s stock after acquiring an additional 23,005 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Carpenter Technology were worth $11,816,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRS. Alps Advisors Inc. raised its holdings in shares of Carpenter Technology by 2.9% in the 3rd quarter. Alps Advisors Inc. now owns 4,340 shares of the basic materials company’s stock worth $1,687,000 after purchasing an additional 122 shares during the period. Freemont Management S.A. purchased a new position in Carpenter Technology in the third quarter valued at approximately $778,000. Kestra Advisory Services LLC lifted its stake in Carpenter Technology by 0.8% in the third quarter. Kestra Advisory Services LLC now owns 7,454 shares of the basic materials company’s stock valued at $2,898,000 after purchasing an additional 57 shares during the last quarter. Kestra Private Wealth Services LLC lifted its stake in Carpenter Technology by 161.3% in the third quarter. Kestra Private Wealth Services LLC now owns 5,565 shares of the basic materials company’s stock valued at $2,164,000 after purchasing an additional 3,435 shares during the last quarter. Finally, Provenance Wealth Advisors LLC bought a new position in Carpenter Technology during the third quarter valued at $30,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $299.60 on Friday. The stock has a market cap of $14.84 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 1.08 and a beta of 1.43. The company has a quick ratio of 2.05, a current ratio of 3.94 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $367.48 and a 200 day simple moving average of $440.63. Carpenter Technology Corporation has a 52 week low of $270.49 and a 52 week high of $625.98.

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

Carpenter Technology Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Weiss Ratings cut Carpenter Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, November 4th. JPMorgan Chase & Co. cut their price target on Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. BTIG Research decreased their price objective on Carpenter Technology from $620.00 to $470.00 and set a “buy” rating for the company in a report on Friday, October 23rd. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Finally, TD Cowen dropped their target price on Carpenter Technology from $650.00 to $500.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $476.43.

Insider Buying and Selling

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction that occurred on 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 sale, the director directly owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,275 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the transaction, the director directly owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This represents a 1.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 112,996 shares of company stock worth $54,644,436. Insiders own 2.90% of the company’s stock.

About Carpenter Technology

Carpenter Technology Corporation develops, manufactures and distributes specialty alloys and engineered materials for applications that require high performance in demanding environments. Its products include specialty steels, nickel- and cobalt-based alloys, titanium alloys, and precision-engineered components. The company serves customers in industries including aerospace and defense, medical, energy, transportation and industrial manufacturing. Its materials are used in products and equipment where strength, heat resistance, corrosion resistance or other specialized properties are important.