PDT Partners LLC Has $5.28 Million Stock Position in Carpenter Technology Corporation $CRS

Key Points

• PDT Partners LLC increased its stake in Carpenter Technology Corporation by 199.7% during the first quarter, owning a total of 29,115 shares worth approximately $5.3 million.
• Carpenter Technology reported earnings per share of $2.21 for the last quarter, which exceeded analysts' expectations, but their revenue was down by 5.4% year-over-year.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annual yield of 0.3%, with the ex-dividend date set for August 26th.

PDT Partners LLC grew its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 199.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,115 shares of the basic materials company's stock after acquiring an additional 19,400 shares during the quarter. PDT Partners LLC owned 0.06% of Carpenter Technology worth $5,275,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. IMA Advisory Services Inc. bought a new position in Carpenter Technology in the first quarter worth $36,000. Bessemer Group Inc. lifted its position in Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the period. Ameriflex Group Inc. bought a new position in Carpenter Technology in the fourth quarter worth $44,000. Strategic Investment Solutions Inc. IL bought a new position in Carpenter Technology in the first quarter worth $49,000. Finally, Versant Capital Management Inc lifted its position in Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after purchasing an additional 77 shares during the period. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Price Performance

Carpenter Technology stock traded up $7.28 during mid-day trading on Friday, hitting $247.54. 1,240,472 shares of the company were exchanged, compared to its average volume of 785,869. 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 business has a fifty day moving average of $260.77 and a 200 day moving average of $226.18. Carpenter Technology Corporation has a 1-year low of $129.57 and a 1-year high of $290.84. The company has a market capitalization of $12.34 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 1.09 and a beta of 1.52.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the company posted $1.82 earnings per share. The firm's quarterly revenue was down 5.4% compared to the same quarter last year. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Benchmark raised their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note 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 research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Insider Activity

In other news, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction dated 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 completion of the sale, the chief executive officer owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,691 shares of company stock worth $6,290,207. 2.90% of the stock is owned by corporate insiders.

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.