Carpenter Technology Corporation $CRS Shares Bought by Independent Advisor Alliance

Key Points

• Independent Advisor Alliance increased its Carpenter Technology stake by 51.4% in the fourth quarter, while several other large institutions also added shares. Institutional investors now own about 92.03% of the company.
• Carpenter Technology reported Q4 EPS of $2.77, beating analysts’ expectations, though revenue came in below estimates at $655.6 million. The company also posted strong profitability metrics, including a 25.02% return on equity.
• Wall Street remains broadly positive on CRS, with nine analysts rating it Buy and a consensus Moderate Buy target of $438.78. Recent price targets were raised by firms including Deutsche Bank, KeyCorp, BTIG, and JPMorgan.

Independent Advisor Alliance grew its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 51.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,107 shares of the basic materials company's stock after purchasing an additional 3,433 shares during the quarter. Independent Advisor Alliance's holdings in Carpenter Technology were worth $3,182,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CRS. Aspex Management HK Ltd purchased a new stake in Carpenter Technology during the 3rd quarter valued at about $136,215,000. TOMS Capital Investment Management LP purchased a new stake in Carpenter Technology during the 2nd quarter valued at about $106,683,000. UBS Group AG grew its stake in Carpenter Technology by 171.2% during the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company's stock valued at $190,951,000 after acquiring an additional 382,865 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of Carpenter Technology by 111.6% in the third quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company's stock valued at $151,731,000 after purchasing an additional 325,919 shares during the last quarter. Finally, Raymond James Financial Inc. increased its holdings in shares of Carpenter Technology by 244.3% in the second quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company's stock valued at $113,669,000 after purchasing an additional 291,829 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 2.8%

NYSE:CRS opened at $436.38 on Thursday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The stock's fifty day moving average is $410.39 and its two-hundred day moving average is $361.10. Carpenter Technology Corporation has a 52 week low of $219.58 and a 52 week high of $475.69. The stock has a market capitalization of $21.68 billion, a price-to-earnings ratio of 45.93, a price-to-earnings-growth ratio of 1.59 and a beta of 1.24.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. During the same period in the prior year, the firm earned $1.88 earnings per share. The firm's revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that Carpenter Technology Corporation will post 10.43 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Tuesday, April 28th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is 8.42%.

Wall Street Analyst Weigh In

CRS has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Weiss Ratings raised Carpenter Technology from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, May 8th. KeyCorp lifted their price target on Carpenter Technology from $453.00 to $459.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. BTIG Research lifted their price target on Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $438.78.

Insider Transactions at Carpenter Technology

In related news, SVP James D. Dee sold 15,800 shares of the firm's stock in a transaction dated Tuesday, February 24th. The stock was 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction that occurred 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 completion of the transaction, the director owned 225,381 shares of the company's stock, valued at $85,897,206.72. This trade represents a 1.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 34,865 shares of company stock valued at $14,196,607. Insiders own 2.90% of the company's stock.

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

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