First Dallas Securities Inc. Buys Shares of 2,725 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 stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,725 shares of the basic materials company's stock, valued at approximately $494,000.

Several other hedge funds also recently added to or reduced their stakes in CRS. Redwood Investments LLC grew its holdings in shares of Carpenter Technology by 90.9% during the 1st quarter. Redwood Investments LLC now owns 32,058 shares of the basic materials company's stock worth $5,808,000 after purchasing an additional 15,267 shares during the period. Jones Financial Companies Lllp boosted its stake in Carpenter Technology by 15,666.1% during the first quarter. Jones Financial Companies Lllp now owns 130,701 shares of the basic materials company's stock worth $23,680,000 after buying an additional 129,872 shares during the period. Rise Advisors LLC purchased a new position in shares of Carpenter Technology during the first quarter worth $31,000. Night Owl Capital Management LLC boosted its holdings in Carpenter Technology by 4.8% during the 1st quarter. Night Owl Capital Management LLC now owns 49,332 shares of the basic materials company's stock valued at $8,938,000 after acquiring an additional 2,256 shares during the period. Finally, Hancock Whitney Corp purchased a new position in Carpenter Technology during the 1st quarter valued at about $819,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Down 1.3%

NYSE CRS traded down $3.09 on Friday, reaching $240.09. The company had a trading volume of 412,612 shares, compared to its average volume of 905,243. The firm has a market capitalization of $11.97 billion, a PE ratio of 32.36, a P/E/G ratio of 1.12 and a beta of 1.52. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $290.84. The firm has a 50-day moving average of $258.48 and a 200-day moving average of $227.38. 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 (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same period in the prior year, the firm earned $1.82 earnings per share. The business's quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the company's stock in a transaction on 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 directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,124 shares of company stock valued at $6,890,250. Insiders own 2.90% of the company's stock.

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.