First Dallas Securities Inc. Purchases New Position in Carpenter Technology Corporation $CRS

Key Points

• First Dallas Securities Inc. acquired 2,725 shares of Carpenter Technology Corporation, valued at approximately $494,000, in the first quarter.
• Analysts have raised their target prices for Carpenter Technology, with Benchmark and JPMorgan both increasing their targets to between $300 and $305 and rating the stock as a "buy" or "overweight."
• Carpenter Technology announced a quarterly dividend of $0.20 paid on September 4th, representing an annual yield of 0.3%.

First Dallas Securities Inc. purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,725 shares of the basic materials company's stock, valued at approximately $494,000.

Other institutional investors have also modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Carpenter Technology during the 1st quarter worth $31,000. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology during the 1st quarter worth $36,000. Bessemer Group Inc. raised its holdings in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after acquiring an additional 77 shares during the period. Ameriflex Group Inc. purchased a new position in shares of Carpenter Technology during the 4th quarter worth $44,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Carpenter Technology during the 1st quarter worth $49,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 535,019 shares of the company's stock, 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 SEC, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRS shares. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Benchmark increased their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Trading Down 1.3%

NYSE:CRS traded down $3.09 on Friday, reaching $240.09. 809,199 shares of the company's stock were exchanged, compared to its average volume of 782,164. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $11.97 billion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 1.11 and a beta of 1.52. The business has a fifty day moving average of $257.68 and a 200-day moving average of $227.86. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $790.73 million. During the same period in the prior year, the firm earned $1.82 earnings per share. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology's payout ratio is currently 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.