3,314 Shares in Carpenter Technology Corporation $CRS Acquired by United Services Automobile Association

Key Points

• United Services Automobile Association has acquired 3,314 shares of Carpenter Technology Corporation, amounting to approximately $601,000 as of the first quarter.
• Carpenter Technology reported an EPS of $2.21 for the latest quarter, exceeding expectations, while revenue fell 5.4% year-over-year, totaling $755.60 million.
• The company declared a quarterly dividend of $0.20, with a yield of 0.3%, and has a payout ratio of 10.78%.

United Services Automobile Association acquired a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,314 shares of the basic materials company's stock, valued at approximately $601,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRS. Mercer Global Advisors Inc. ADV acquired a new stake in Carpenter Technology in the fourth quarter worth about $212,000. Cetera Investment Advisers increased its position in Carpenter Technology by 13.4% in the fourth quarter. Cetera Investment Advisers now owns 12,048 shares of the basic materials company's stock worth $2,045,000 after purchasing an additional 1,423 shares during the period. EP Wealth Advisors LLC increased its position in Carpenter Technology by 4.6% in the fourth quarter. EP Wealth Advisors LLC now owns 2,168 shares of the basic materials company's stock worth $368,000 after purchasing an additional 95 shares during the period. Deutsche Bank AG grew its position in shares of Carpenter Technology by 76.5% during the 4th quarter. Deutsche Bank AG now owns 50,540 shares of the basic materials company's stock worth $8,577,000 after buying an additional 21,899 shares during the period. Finally, Gotham Asset Management LLC grew its position in shares of Carpenter Technology by 54.8% during the 4th quarter. Gotham Asset Management LLC now owns 4,493 shares of the basic materials company's stock worth $763,000 after buying an additional 1,591 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the company's 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 sale, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven E. Karol sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director owned 180,000 shares in the company, valued at approximately $44,240,400. This represents a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock worth $6,890,250 in the last 90 days. Corporate insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

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

Carpenter Technology Stock Up 1.0%

NYSE CRS traded up $2.43 during trading on Monday, hitting $242.48. The stock had a trading volume of 167,305 shares, compared to its average volume of 903,693. The company has a market capitalization of $12.09 billion, a PE ratio of 32.69, a P/E/G ratio of 1.09 and a beta of 1.53. The company's 50-day moving average price is $257.68 and its two-hundred day moving average price is $228.06. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.82 EPS. As a group, sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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