Alpha Wave Global LP Sells 6,331 Shares of Carpenter Technology Corporation $CRS

Key Points

• Alpha Wave Global LP reduced its stake in Carpenter Technology Corporation by 37.6% in the first quarter, now holding 10,504 shares worth approximately $1.9 million.
• Several institutional investors, including M&T Bank Corp and Bessemer Group Inc., have increased their holdings in Carpenter Technology, indicating ongoing institutional interest.
• Carpenter Technology recently announced a quarterly dividend of $0.20 per share, with an annualized yield of 0.3%, reflecting a dividend payout ratio of 10.78%.

Alpha Wave Global LP reduced its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 37.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,504 shares of the basic materials company's stock after selling 6,331 shares during the quarter. Carpenter Technology comprises approximately 0.8% of Alpha Wave Global LP's holdings, making the stock its 13th largest position. Alpha Wave Global LP's holdings in Carpenter Technology were worth $1,903,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Stifel Financial Corp increased its stake in shares of Carpenter Technology by 2.3% in the 4th quarter. Stifel Financial Corp now owns 11,533 shares of the basic materials company's stock worth $1,958,000 after purchasing an additional 260 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Carpenter Technology by 509.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 209,486 shares of the basic materials company's stock valued at $35,553,000 after acquiring an additional 175,101 shares during the last quarter. Nebula Research & Development LLC raised its position in Carpenter Technology by 23.9% in the 4th quarter. Nebula Research & Development LLC now owns 4,321 shares of the basic materials company's stock worth $733,000 after purchasing an additional 834 shares during the period. Aquatic Capital Management LLC purchased a new stake in Carpenter Technology in the 4th quarter worth about $1,189,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Carpenter Technology by 100.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 55,790 shares of the basic materials company's stock worth $9,468,000 after acquiring an additional 27,952 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded down $1.73 on Friday, reaching $240.83. 632,300 shares of the stock were exchanged, compared to its average volume of 910,277. Carpenter Technology Corporation has a 1-year low of $129.57 and a 1-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 business has a fifty day moving average price of $263.76 and a two-hundred day moving average price of $224.06. The firm has a market capitalization of $12.01 billion, a PE ratio of 32.46, a PEG ratio of 1.08 and a beta of 1.44.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly 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 business had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.82 earnings per share. As a group, research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 26th will be given a $0.20 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is currently 10.78%.

Analysts Set New Price Targets

CRS has been the subject of several research reports. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. JPMorgan Chase & Co. boosted their target price 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. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Finally, Benchmark upped their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $278.33.

Insider Buying and Selling at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The shares were 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 of the company's stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,691 shares of company stock valued at $6,290,207. Company insiders own 2.90% of the company's stock.

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.