WCM Investment Management LLC Purchases 43,348 Shares of Carpenter Technology Corporation $CRS

WCM Investment Management LLC increased its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 27.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 200,944 shares of the basic materials company’s stock after acquiring an additional 43,348 shares during the quarter. WCM Investment Management LLC’s holdings in Carpenter Technology were worth $55,424,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Tlwm raised its holdings in Carpenter Technology by 1.1% during the 2nd quarter. Tlwm now owns 10,274 shares of the basic materials company’s stock worth $2,840,000 after buying an additional 109 shares during the period. Allianz Asset Management GmbH raised its holdings in Carpenter Technology by 5.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 121,538 shares of the basic materials company’s stock worth $33,591,000 after buying an additional 5,785 shares during the period. Ritholtz Wealth Management acquired a new stake in Carpenter Technology during the 2nd quarter worth approximately $201,000. Axxcess Wealth Management LLC acquired a new stake in Carpenter Technology during the 2nd quarter worth approximately $205,000. Finally, Sequoia Financial Advisors LLC raised its holdings in Carpenter Technology by 12.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 1,975 shares of the basic materials company’s stock worth $546,000 after buying an additional 212 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on CRS shares. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. BTIG Research restated a “buy” rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of Carpenter Technology in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $278.33.

Insider Buying and Selling

In related news, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the transaction, the director owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,124 shares of company stock worth $6,890,250. Insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

NYSE CRS opened at $242.41 on Thursday. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $290.84. The company has a market capitalization of $12.08 billion, a PE ratio of 32.67, a price-to-earnings-growth ratio of 1.10 and a beta of 1.46. The firm’s 50 day moving average is $244.60 and its 200-day moving average is $236.46.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. During the same period last year, the company earned $1.82 earnings per share. The firm’s revenue was down 5.4% compared to the same quarter last year. Equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s payout ratio is presently 10.78%.

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.