Blue Grotto Capital LLC Buys 69,025 Shares of Carpenter Technology Corporation $CRS

Key Points

• Blue Grotto Capital increased its stake in Carpenter Technology by 43.1% in the third quarter, buying 69,025 shares to hold 229,025 shares (about 0.46% of the company) valued at roughly $56.24 million, making CRS its fourth-largest position.
• Several large funds (TOMS Capital, Qube Research, Raymond James, TimesSquare, HRT) have also initiated or materially increased positions and institutional ownership is 92.03%, while Wall Street’s consensus is a Moderate Buy with a $385.50 target.
• Insiders sold 22,300 shares worth $8.66 million in the last 90 days, even as Carpenter reported a quarterly EPS beat ($2.33 vs. $2.20) with revenue up 7.5% YoY; the stock trades at a PE of 43.95 and a market cap of about $18.85 billion.

Blue Grotto Capital LLC grew its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 43.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 229,025 shares of the basic materials company's stock after buying an additional 69,025 shares during the period. Carpenter Technology makes up 6.5% of Blue Grotto Capital LLC's portfolio, making the stock its 4th largest position. Blue Grotto Capital LLC owned approximately 0.46% of Carpenter Technology worth $56,235,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CRS. TOMS Capital Investment Management LP bought a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $106,683,000. Qube Research & Technologies Ltd acquired a new stake in Carpenter Technology during the 2nd quarter valued at $80,711,000. Raymond James Financial Inc. lifted its stake in shares of Carpenter Technology by 244.3% during the 2nd quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company's stock worth $113,669,000 after buying an additional 291,829 shares during the last quarter. TimesSquare Capital Management LLC lifted its position in Carpenter Technology by 406.4% during the third quarter. TimesSquare Capital Management LLC now owns 306,970 shares of the basic materials company's stock worth $75,373,000 after acquiring an additional 246,348 shares during the last quarter. Finally, HRT Financial LP bought a new stake in Carpenter Technology in the 2nd quarter valued at $49,629,000. Institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the company's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the firm's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the transaction, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,300 shares of company stock valued at $8,664,044 in the last 90 days. 2.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. KeyCorp upgraded Carpenter Technology from a "sector weight" rating to an "overweight" rating and set a $380.00 target price for the company in a research report on Thursday, November 13th. TD Cowen reiterated a "buy" rating on shares of Carpenter Technology in a report on Friday, November 14th. BTIG Research lifted their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a "buy" rating in a research report on Friday, January 30th. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $388.00 to $394.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $385.50.

Carpenter Technology Stock Performance

Shares of CRS opened at $378.40 on Friday. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $412.31. The company has a market cap of $18.85 billion, a PE ratio of 43.95, a P/E/G ratio of 1.60 and a beta of 1.22. The stock has a 50-day moving average of $359.47 and a 200-day moving average of $310.53. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million for the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.66 EPS. On average, equities research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology's dividend payout ratio (DPR) is presently 9.29%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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