TrueWealth Advisors LLC Buys New Holdings in Carpenter Technology Corporation $CRS

Key Points

• TrueWealth Advisors LLC acquired 2,149 shares of Carpenter Technology Corporation, valued at approximately $594,000, during the 2nd quarter.
• Insider trading activity saw Director I Martin Inglis sell 5,691 shares for over $1.39 million, representing a 45.81% decrease in his position.
• Carpenter Technology reported a quarterly EPS of $2.21, beating estimates, while its revenue decreased 5.4% compared to the same quarter last year.

TrueWealth Advisors LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,149 shares of the basic materials company's stock, valued at approximately $594,000.

Other institutional investors have also recently made changes to their positions in the company. M&T Bank Corp increased its holdings in shares of Carpenter Technology by 3.9% in the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock valued at $279,000 after acquiring an additional 58 shares during the period. Versant Capital Management Inc grew its position in shares of Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after buying an additional 77 shares in the last quarter. Bessemer Group Inc. lifted its stake in Carpenter Technology by 50.3% during the first 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. Mission Wealth Management LP lifted its stake in Carpenter Technology by 4.0% in the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after buying an additional 78 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in Carpenter Technology by 13.6% in the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after buying an additional 78 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

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

Carpenter Technology Stock Performance

CRS traded down $5.64 during trading hours on Friday, reaching $241.10. The company's stock had a trading volume of 295,730 shares, compared to its average volume of 899,068. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $290.84. The company's 50-day moving average is $254.96 and its 200-day moving average is $228.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The firm has a market cap of $12.02 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 1.11 and a beta of 1.52.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping 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 return on equity of 21.50% and a net margin of 13.07%.Carpenter Technology's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.82 EPS. On average, equities analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology's payout ratio is presently 10.78%.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares in the company, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $244.99, for a total value 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Company 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.