Jones Financial Companies Lllp Boosts Stake in Carpenter Technology Corporation $CRS

Key Points

• Jones Financial Companies Lllp significantly increased its stake in Carpenter Technology Corporation by 15,666.1%, now holding approximately 130,701 shares valued at $23.68 million.
• CEO Tony R. Thene sold 19,000 shares for over $4.65 million, reducing his position by 3.43% but still retaining 535,019 shares.
• Carpenter Technology's stock received multiple "buy" ratings from analysts, with target price increases from JPMorgan and Benchmark, now averaging at $278.33.

Jones Financial Companies Lllp increased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 15,666.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 130,701 shares of the basic materials company's stock after purchasing an additional 129,872 shares during the quarter. Jones Financial Companies Lllp owned 0.26% of Carpenter Technology worth $23,680,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rise Advisors LLC acquired a new position in Carpenter Technology during the first quarter worth $31,000. Night Owl Capital Management LLC raised its holdings in Carpenter Technology by 4.8% during the first quarter. Night Owl Capital Management LLC now owns 49,332 shares of the basic materials company's stock worth $8,938,000 after purchasing an additional 2,256 shares during the last quarter. Hancock Whitney Corp purchased a new position in Carpenter Technology during the first quarter worth $819,000. Bosun Asset Management LLC raised its holdings in shares of Carpenter Technology by 34.7% in the first quarter. Bosun Asset Management LLC now owns 8,042 shares of the basic materials company's stock worth $1,457,000 after acquiring an additional 2,072 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Carpenter Technology by 39.5% in the first quarter. Advisors Asset Management Inc. now owns 22,232 shares of the basic materials company's stock worth $4,028,000 after acquiring an additional 6,293 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the business's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the sale, the director owned 180,000 shares of the company's stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 over the last quarter. Company insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 1.3%

Shares of NYSE:CRS traded down $3.09 during midday trading on Friday, reaching $240.09. The company's stock had a trading volume of 809,199 shares, compared to its average volume of 782,164. The firm has a market cap of $11.97 billion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 1.11 and a beta of 1.52. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $290.84. The business has a 50 day moving average price of $257.68 and a 200 day moving average price of $227.86.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.82 earnings per share. Research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CRS shares. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Benchmark upped their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.