Advisors Asset Management Inc. Purchases 6,293 Shares of Carpenter Technology Corporation $CRS

Key Points

• Advisors Asset Management Inc. has increased its stake in Carpenter Technology Corporation by 39.5%, now holding a total of 22,232 shares valued at approximately $4.03 million.
• Several institutional investors also raised their positions in Carpenter Technology, with Invesco Ltd. increasing its stake by 37.1%, now owning over 2 million shares worth nearly $382 million.
• The company recently announced a quarterly dividend of $0.20 per share, resulting in an annualized dividend of $0.80, which represents a dividend yield of 0.3%.

Advisors Asset Management Inc. lifted its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 39.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,232 shares of the basic materials company's stock after buying an additional 6,293 shares during the quarter. Advisors Asset Management Inc.'s holdings in Carpenter Technology were worth $4,028,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. grew its stake in shares of Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after buying an additional 570,441 shares in the last quarter. Egerton Capital UK LLP bought a new position in Carpenter Technology during the first quarter worth $329,727,000. SurgoCap Partners LP boosted its position in Carpenter Technology by 117.6% during the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after purchasing an additional 779,357 shares during the period. Advent International L.P. boosted its position in Carpenter Technology by 12.1% during the first quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock worth $145,819,000 after purchasing an additional 87,186 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 4.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock worth $113,114,000 after purchasing an additional 27,123 shares during the period. 92.03% of the stock is owned by institutional investors.

Insider Transactions at Carpenter Technology

In related news, Director I Martin Inglis sold 5,691 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares of the company's stock, valued at $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the company'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 sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,691 shares of company stock valued at $6,290,207. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Up 3.0%

CRS opened at $247.54 on Friday. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The company has a market capitalization of $12.34 billion, a P/E ratio of 33.36, a P/E/G ratio of 1.09 and a beta of 1.52. The stock has a fifty day moving average of $260.77 and a 200-day moving average of $226.18.

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

Carpenter Technology Dividend Announcement

The company also recently announced 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. 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 dividend payout ratio (DPR) is currently 10.78%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Benchmark lifted their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report 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. Based on data from MarketBeat, Carpenter Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Company 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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