AQR Capital Management LLC Has $7.47 Million Position in Carpenter Technology Corporation $CRS

Key Points

• AQR Capital Management LLC has reduced its ownership in Carpenter Technology Corporation by 31.5%, now holding a $7.47 million stake consisting of 42,643 shares.
• Carpenter Technology has recently declared a quarterly dividend of $0.20 per share, resulting in an annualized yield of 0.3%, with a payout ratio of 10.78%.
• Analysts have set a consensus price target of $278.33 for Carpenter Technology, with a majority rating it as a "Buy."

AQR Capital Management LLC lowered its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 31.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,643 shares of the basic materials company's stock after selling 19,613 shares during the quarter. AQR Capital Management LLC owned about 0.09% of Carpenter Technology worth $7,472,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Advisors Asset Management Inc. increased its position in shares of Carpenter Technology by 39.5% in the first quarter. Advisors Asset Management Inc. now owns 22,232 shares of the basic materials company's stock valued at $4,028,000 after acquiring an additional 6,293 shares during the last quarter. Amundi increased its position in Carpenter Technology by 344,580.0% during the 1st quarter. Amundi now owns 51,702 shares of the basic materials company's stock worth $8,610,000 after buying an additional 51,687 shares during the period. Advent International L.P. boosted its holdings in Carpenter Technology by 12.1% in the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock valued at $145,819,000 after purchasing an additional 87,186 shares during the period. PDT Partners LLC boosted its stake in shares of Carpenter Technology by 199.7% in the first quarter. PDT Partners LLC now owns 29,115 shares of the basic materials company's stock valued at $5,275,000 after buying an additional 19,400 shares during the period. Finally, Focus Partners Advisor Solutions LLC bought a new position in shares of Carpenter Technology in the first quarter worth $324,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction dated 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 completion of the transaction, the director owned 6,732 shares in the company, valued at $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the 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 sale, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock worth $6,890,250 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $243.46 on Friday. The stock has a market cap 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 company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The company's 50 day moving average price is $258.48 and its two-hundred day moving average price is $227.38. Carpenter Technology Corporation has a 52 week low of $136.05 and a 52 week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The company 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 revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.82 EPS. On average, equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders 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 dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is currently 10.78%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CRS shares. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Benchmark boosted their price target 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 note on Thursday, June 12th. Finally, BTIG Research reissued 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 stock. According to MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

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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