Credit Agricole S A Buys 9,010 Shares of Carpenter Technology Corporation $CRS

Key Points

• Credit Agricole S A increased its stake in Carpenter Technology Corporation by 88.9% in Q1, acquiring a total of 19,145 shares valued at approximately $3.47 million.
• Carpenter Technology reported a quarterly earnings per share (EPS) of $2.21, exceeding estimates of $2.03, although revenue fell by 5.4% year-over-year.
• The company declared a quarterly dividend of $0.20 to be paid on September 4th, reflecting a 0.3% annualized yield and a dividend payout ratio of 10.78%.

Credit Agricole S A grew its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 88.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,145 shares of the basic materials company's stock after buying an additional 9,010 shares during the period. Credit Agricole S A's holdings in Carpenter Technology were worth $3,469,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. increased its position in Carpenter Technology by 22.9% during the 1st quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock valued at $538,000 after purchasing an additional 553 shares during the period. Bessemer Group Inc. lifted its holdings 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 buying an additional 77 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock valued at $2,890,000 after acquiring an additional 3,467 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after acquiring an additional 78 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Carpenter Technology in the 1st quarter worth approximately $678,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

CRS has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Benchmark upped their target price 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 reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report 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 MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $278.33.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction 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. The trade was a 45.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology 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 completion of the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at $131,074,304.81. The trade was a 3.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,691 shares of company stock valued at $6,290,207. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 0.2%

NYSE:CRS traded up $0.48 on Thursday, reaching $238.96. 82,436 shares of the stock traded hands, compared to its average volume of 908,932. 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 company has a market capitalization of $11.91 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.10 and a beta of 1.44. Carpenter Technology Corporation has a 12 month low of $129.57 and a 12 month high of $290.84. The company's fifty day simple moving average is $263.92 and its 200 day simple moving average is $223.70.

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 the consensus estimate of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business's revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.82 earnings per share. Equities analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be issued 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 is Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

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.