Abel Hall LLC Takes Position in Carpenter Technology Corporation $CRS

Key Points

• Abel Hall LLC has acquired 1,037 shares of Carpenter Technology Corporation valued at approximately $287,000 as part of their new investment during the 2nd quarter.
• Carpenter Technology reported a quarterly earnings per share (EPS) of $2.21, exceeding analysts' expectations of $2.03, despite a 5.4% year-over-year decline in revenue.
• The company has recently declared a quarterly dividend of $0.20 per share, translating to an annualized dividend yield of 0.3%.

Abel Hall LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,037 shares of the basic materials company's stock, valued at approximately $287,000.

Several other hedge funds also recently bought and sold shares of CRS. UMB Bank n.a. grew its position in Carpenter Technology by 54.9% in the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock valued at $85,000 after acquiring an additional 167 shares during the last quarter. Park Avenue Securities LLC grew its position in Carpenter Technology by 10.5% in the 1st quarter. Park Avenue Securities LLC now owns 2,728 shares of the basic materials company's stock valued at $494,000 after acquiring an additional 259 shares during the last quarter. GAMMA Investing LLC grew its position in Carpenter Technology by 7.7% in the 1st quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company's stock valued at $479,000 after acquiring an additional 188 shares during the last quarter. Fifth Third Bancorp grew its position in 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, Wealth Enhancement Advisory Services LLC grew its position in Carpenter Technology by 27.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock valued at $2,890,000 after acquiring an additional 3,467 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS stock opened at $260.26 on Thursday. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of 35.08, a P/E/G ratio of 1.16 and a beta of 1.46. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $290.84. The stock has a fifty day simple moving average of $245.68 and a two-hundred day simple moving average of $234.60.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million during 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 firm's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 EPS. On average, analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were paid 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 was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is 10.78%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Zacks Research cut Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Weiss Ratings reiterated a "buy (b+)" rating on shares of Carpenter Technology in a report on Wednesday. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Insider Buying and Selling

In related 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 transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer directly 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 through this link. Also, Director Steven E. Karol sold 3,433 shares of the company's stock in a transaction 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 of the company's stock, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock worth $6,890,250 in the last three months. 2.90% of the stock is owned by insiders.

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.

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