Kane Investment Management Inc. has acquired a stake in Carpenter Technology Corporation, investing approximately $618,000 during the second quarter of 2023. This information was disclosed in the firm’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The investment consists of 2,206 shares of Carpenter Technology, which trades under the ticker symbol CRS on the New York Stock Exchange.
Several other institutional investors have also adjusted their positions in Carpenter Technology recently. Notably, Radnor Capital Management LLC raised its stake by 3.3%, now holding 1,240 shares valued at approximately $343,000 after acquiring an additional 40 shares. Similarly, M&T Bank Corp increased its ownership by 3.9% in the first quarter, bringing its total to 1,541 shares worth $279,000. KLP Kapitalforvaltning AS and Gabelli Funds LLC also made modest increases, with KLP’s ownership rising by 1.1% to 9,600 shares valued at $1.74 million, and Gabelli’s holdings growing by 1.0% to 10,600 shares worth $1.92 million. TLWM lifted its stake by 1.1% in the same quarter, owning 10,274 shares valued at $2.84 million.
Institutional investors now control an impressive 92.03% of Carpenter Technology’s stock, reflecting strong confidence among large stakeholders.
Stock Performance and Dividend Announcement
On Friday, shares of Carpenter Technology opened at $330.36. The company currently boasts a market capitalization of $16.46 billion, a price-to-earnings (P/E) ratio of 40.39, and a price-to-earnings-growth ratio of 1.41. Carpenter Technology’s financial health is indicated by a quick ratio of 2.37 and a current ratio of 4.44, with a manageable debt-to-equity ratio of 0.36. Over the past year, the stock has fluctuated between a low of $138.61 and a high of $342.11. Its fifty-day moving average stands at $269.64, while the two-hundred-day average is $256.32.
In addition, Carpenter Technology recently announced a quarterly dividend of $0.20 per share, scheduled for payment on December 4, 2023. Shareholders of record as of October 21, 2023 will receive this dividend, representing an annualized rate of $0.80 and a yield of 0.2%. The dividend payout ratio is currently 9.78%.
Analyst Ratings and Insider Transactions
Recent analyst reports have shown a mixed but generally positive outlook for Carpenter Technology. TD Cowen increased its price target from $305.00 to $340.00 and maintained a “buy” rating. On the contrary, Zacks Research downgraded the company from a “strong-buy” to a “hold” rating. Other firms, including BTIG Research and Deutsche Bank Aktiengesellschaft, have issued “buy” ratings with price targets of $365.00 and $425.00, respectively. According to MarketBeat, nine analysts rated the stock as a “buy,” while two assigned a “hold” rating, resulting in an average target price of $371.14.
In terms of insider trading, Director Steven E. Karol sold 3,433 shares on September 9, 2023, for a total of $843,762.74 at an average price of $245.78. Following this transaction, he retains 180,000 shares valued at approximately $44.24 million. Another director, I. Martin Inglis, sold 5,691 shares on August 18, 2023, realizing $1,391,677.14 at an average price of $244.54. This sale resulted in a 45.81% reduction in his holdings. Over the past ninety days, insiders have sold a total of 28,124 shares, amounting to $6.89 million.
Carpenter Technology Corporation specializes in the manufacture and distribution of specialty metals across several regions, including the United States, Europe, and the Asia Pacific. The company operates in two principal segments: Specialty Alloys Operations and Performance Engineered Products, providing a range of specialty alloys and metal powders.
With ongoing investments and a robust performance outlook, Carpenter Technology continues to attract attention from both investors and analysts alike.
