Carpenter Technology Co. (NYSE:CRS) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. cut its position in shares of Carpenter Technology Co. (NYSE:CRS) by 14.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 298,715 shares of the basic materials company’s stock after selling 50,781 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.60% of Carpenter Technology worth $21,334,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Teza Capital Management LLC acquired a new stake in shares of Carpenter Technology in the third quarter valued at approximately $203,000. Gotham Asset Management LLC purchased a new stake in Carpenter Technology during the 3rd quarter worth about $649,000. Advisors Asset Management Inc. purchased a new position in Carpenter Technology in the 3rd quarter valued at about $574,000. Evergreen Capital Management LLC acquired a new position in shares of Carpenter Technology in the third quarter valued at approximately $246,000. Finally, Penserra Capital Management LLC lifted its stake in shares of Carpenter Technology by 6,477.1% during the third quarter. Penserra Capital Management LLC now owns 37,884 shares of the basic materials company’s stock valued at $2,546,000 after buying an additional 37,308 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Benchmark reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Carpenter Technology in a research report on Tuesday, May 28th. BTIG Research assumed coverage on Carpenter Technology in a research report on Wednesday, June 26th. They issued a “buy” rating and a $120.00 target price on the stock. TD Cowen raised their price objective on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Northcoast Research reissued a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a research report on Friday, June 14th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $123.60.

Insider Transactions at Carpenter Technology

In other news, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the sale, the senior vice president now directly owns 84,798 shares in the company, valued at $9,434,625.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the sale, the vice president now directly owns 11,509 shares in the company, valued at $1,175,183.99. The disclosure for this sale can be found here. In the last three months, insiders sold 59,678 shares of company stock valued at $6,261,693. Company insiders own 3.40% of the company’s stock.

Carpenter Technology Stock Performance

Shares of NYSE CRS traded down $1.75 during midday trading on Friday, reaching $104.79. 265,426 shares of the company traded hands, compared to its average volume of 764,280. Carpenter Technology Co. has a 52 week low of $51.94 and a 52 week high of $112.75. The company has a market cap of $5.20 billion, a price-to-earnings ratio of 39.84 and a beta of 1.44. The stock has a 50-day moving average price of $104.65 and a 200 day moving average price of $81.24. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, beating the consensus estimate of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same quarter in the prior year, the firm earned $0.38 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis. Sell-side analysts anticipate that Carpenter Technology Co. will post 4.35 earnings per share for the current fiscal year.

Carpenter Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.76%. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, April 22nd. Carpenter Technology’s dividend payout ratio is presently 30.42%.

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.