Advisors Asset Management Inc. Grows Position in 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. boosted its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 39.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,232 shares of the basic materials company's stock after purchasing an additional 6,293 shares during the period. Advisors Asset Management Inc.'s holdings in Carpenter Technology were worth $4,028,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CRS. Invesco Ltd. raised its stake in Carpenter Technology by 37.1% during the 1st 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 during the last quarter. Egerton Capital UK LLP bought a new stake in shares of Carpenter Technology in the first quarter worth $329,727,000. SurgoCap Partners LP increased 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 valued at $244,734,000 after acquiring an additional 779,357 shares during the last quarter. Advent International L.P. lifted its holdings in Carpenter Technology by 12.1% in the first quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock valued at $145,819,000 after acquiring an additional 87,186 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 4.6% in 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 last quarter. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRS shares. Benchmark boosted their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. boosted their target price 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. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. 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, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Price Performance

Carpenter Technology stock traded down $3.64 during mid-day trading on Thursday, hitting $243.46. The stock had a trading volume of 940,685 shares, compared to its average volume of 760,876. Carpenter Technology Corporation has a one year low of $136.05 and a one year high of $290.84. 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 firm has a market capitalization of $12.14 billion, a P/E ratio of 32.81, a P/E/G ratio of 1.12 and a beta of 1.52. The firm's 50 day moving average is $258.48 and its 200 day moving average is $227.38.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The business 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% on a year-over-year basis. During the same period last year, the firm earned $1.82 earnings per share. On average, sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Tony R. Thene sold 19,000 shares of the business'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 owned 535,019 shares in the company, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

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.