Sumitomo Mitsui Trust Group Inc. Buys New Holdings in Carpenter Technology Corporation $CRS

Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the third quarter, HoldingsChannel reports. The firm bought 97,311 shares of the basic materials company’s stock, valued at approximately $37,836,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Keating Financial Advisory Services Inc. bought a new position in Carpenter Technology during the 2nd quarter worth $29,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Carpenter Technology in the 1st quarter valued at about $30,000. Persistent Asset Partners Ltd acquired a new stake in Carpenter Technology in the second quarter worth $55,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Carpenter Technology in the 2nd quarter worth about $56,000. Finally, C M Bidwell & Associates Ltd. bought a new stake in Carpenter Technology in the 2nd quarter worth about $56,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Steven E. Karol sold 3,275 shares of the company’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the transaction, the director owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This represents a 1.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the transaction, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. The trade was a 11.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,996 shares of company stock valued at $54,644,436 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $291.05 on Thursday. The company has a 50 day moving average price of $389.36 and a 200 day moving average price of $441.92. The firm has a market capitalization of $14.42 billion, a P/E ratio of 25.67, a PEG ratio of 1.05 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. Carpenter Technology Corporation has a 52 week low of $273.45 and a 52 week high of $625.98.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.04 by $0.21. The business had revenue of $634.80 million during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $2.43 earnings per share. Sell-side analysts expect that Carpenter Technology Corporation will post 13.37 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Wells Fargo & Company cut their target price on Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 30th. Weiss Ratings lowered shares of Carpenter Technology from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 22nd. Susquehanna reiterated a “positive” rating and issued a $450.00 price objective on shares of Carpenter Technology in a report on Friday, October 23rd. Finally, Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $476.43.

Carpenter Technology 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.