Carpenter Technology Corporation $CRS Holdings Decreased by AQR Capital Management LLC

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 holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 31.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,643 shares of the basic materials company's stock after selling 19,613 shares during the period. AQR Capital Management LLC owned approximately 0.09% of Carpenter Technology worth $7,472,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. 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 acquiring an additional 570,441 shares in the last quarter. Egerton Capital UK LLP bought a new stake in Carpenter Technology during the 1st quarter valued at $329,727,000. SurgoCap Partners LP raised its stake in Carpenter Technology by 117.6% during the 4th 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 in the last quarter. Advent International L.P. raised its stake in Carpenter Technology by 12.1% during 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 acquiring an additional 87,186 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Carpenter Technology by 4.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock valued at $113,114,000 after acquiring an additional 27,123 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Insider Buying and Selling

In other news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the transaction, the director owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction 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 in the company, valued at $1,646,243.28. This represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,124 shares of company stock worth $6,890,250 in the last three months. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Price Performance

Shares of NYSE CRS traded up $2.47 during mid-day trading on Wednesday, reaching $243.66. The company had a trading volume of 848,874 shares, compared to its average volume of 764,174. 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 cap of $12.15 billion, a PE ratio of 32.84, a P/E/G ratio of 1.10 and a beta of 1.52. The company has a 50-day moving average price of $255.56 and a two-hundred day moving average price of $228.50. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping 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 company's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.82 EPS. On average, equities analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were issued a $0.20 dividend. 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 payout ratio is presently 10.78%.

Analyst Ratings Changes

Several analysts have weighed in on CRS shares. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. JPMorgan Chase & Co. raised their target price 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 raised their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, BTIG Research reaffirmed 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 stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

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.