United Services Automobile Association Buys Shares of 3,314 Carpenter Technology Corporation $CRS

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 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 SEC. The institutional investor purchased 3,314 shares of the basic materials company's stock, valued at approximately $601,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CRS. M&T Bank Corp increased its stake 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 last quarter. Versant Capital Management Inc increased its stake in shares of Carpenter Technology by 27.3% in the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after acquiring an additional 77 shares during the last quarter. Bessemer Group Inc. increased its stake 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 valued at $42,000 after acquiring an additional 77 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after acquiring an additional 78 shares during the last quarter. Finally, Mission Wealth Management LP increased its stake in shares of Carpenter Technology by 4.0% in the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after acquiring an additional 78 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Down 1.3%

Shares of NYSE CRS traded down $3.09 during trading hours on Friday, hitting $240.09. The company had a trading volume of 809,199 shares, compared to its average volume of 782,164. The stock has a market capitalization of $11.97 billion, a P/E ratio of 32.36, a price-to-earnings-growth ratio of 1.11 and a beta of 1.52. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $290.84. The firm's 50 day moving average is $257.68 and its 200-day moving average is $227.86.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data 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 company had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The firm's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.82 EPS. On average, analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Buying and Selling

In related news, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction on 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 owned 6,732 shares in the company, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Tony R. Thene sold 19,000 shares of the firm'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 completion of the transaction, the chief executive officer 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. Over the last quarter, insiders have sold 28,124 shares of company stock worth $6,890,250. Company insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Benchmark increased their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. raised their price target 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. 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 issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

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.