Moore Capital Management LP Lowers Position in Carpenter Technology Corporation $CRS

Moore Capital Management LP decreased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 69.8% in the 2nd quarter, Holdings Channel reports. The firm owned 6,523 shares of the basic materials company’s stock after selling 15,048 shares during the period. Moore Capital Management LP’s holdings in Carpenter Technology were worth $4,024,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Woodline Partners LP purchased a new stake in shares of Carpenter Technology during the 1st quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after purchasing an additional 1,701 shares in the last quarter. Focus Partners Wealth raised its position in Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 314 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Carpenter Technology during the second quarter valued at about $80,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Carpenter Technology during the second quarter worth about $533,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on CRS shares. Wells Fargo & Company increased their price objective on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. BTIG Research increased their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. decreased their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Finally, TD Cowen boosted their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Buy” and an average price target of $577.25.

Carpenter Technology Trading Up 0.1%

Shares of CRS stock opened at $476.72 on Tuesday. The stock has a market capitalization of $23.63 billion, a PE ratio of 45.32, a P/E/G ratio of 1.71 and a beta of 1.25. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The business has a 50-day moving average of $555.47 and a 200 day moving average of $475.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same period in the previous year, the firm earned $2.21 EPS. The business’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 13.09 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the stock in a transaction 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 owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 109,721 shares of company stock valued at $53,091,824 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

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.