Independent Advisor Alliance Purchases Shares of 1,946 Carpenter Technology Corporation $CRS

Key Points

• Independent Advisor Alliance acquired 1,946 shares of Carpenter Technology Corporation valued at approximately $353,000 during the first quarter.
• Carpenter Technology's recent earnings report showed a net margin of 13.07% and revenue down 5.4% year-over-year, with EPS surpassing analyst estimates.
• The company announced a $400 million share repurchase program, indicating confidence in its stock valuation, and a quarterly dividend of $0.20 per share will be paid on September 4th.

Independent Advisor Alliance bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,946 shares of the basic materials company's stock, valued at approximately $353,000.

Other large investors have also made changes to their positions in the company. IMA Advisory Services Inc. bought a new stake in shares of Carpenter Technology in the 1st quarter worth about $36,000. Bessemer Group Inc. grew its holdings in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the last quarter. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the 4th quarter worth about $44,000. Strategic Investment Solutions Inc. IL bought a new stake in Carpenter Technology during the 1st quarter worth about $49,000. Finally, Versant Capital Management Inc grew its holdings in Carpenter Technology by 27.3% during the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after acquiring an additional 77 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Insider Activity

In other news, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the transaction, the director owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The stock was 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 $131,074,304.81. The trade was a 3.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,691 shares of company stock valued at $6,290,207. 2.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on CRS shares. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Trading Down 2.2%

Shares of NYSE CRS traded down $5.4410 during mid-day trading on Tuesday, hitting $241.1190. The company's stock had a trading volume of 859,317 shares, compared to its average volume of 916,125. The stock has a market cap of $12.02 billion, a price-to-earnings ratio of 32.50, a price-to-earnings-growth ratio of 1.12 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. Carpenter Technology Corporation has a one year low of $129.57 and a one year high of $290.84. The company's fifty day simple moving average is $264.93 and its 200-day simple moving average is $221.69.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.82 EPS. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its board has authorized a stock repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

About Carpenter Technology

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.