Jones Financial Companies Lllp Purchases 129,872 Shares of 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 boosted its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 15,666.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,701 shares of the basic materials company's stock after acquiring an additional 129,872 shares during the quarter. Jones Financial Companies Lllp owned 0.26% of Carpenter Technology worth $23,680,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. M&T Bank Corp raised its position in Carpenter Technology by 3.9% during the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock worth $279,000 after acquiring an additional 58 shares in the last quarter. Versant Capital Management Inc raised its position in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after acquiring an additional 77 shares in the last quarter. Bessemer Group Inc. raised its position in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after acquiring an additional 77 shares in the last quarter. Mission Wealth Management LP increased its holdings in shares of Carpenter Technology by 4.0% in the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after purchasing an additional 78 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Carpenter Technology by 13.6% in the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after purchasing an additional 78 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Steven E. Karol sold 3,433 shares of the company's stock in a transaction dated Tuesday, September 9th. The shares were 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 $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director directly owned 6,732 shares of the company's stock, valued at $1,646,243.28. This represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock valued at $6,890,250 over the last quarter. 2.90% of the stock is owned by company insiders.

Carpenter Technology Stock Performance

Shares of CRS stock traded down $3.09 on Friday, hitting $240.09. The company's stock had a trading volume of 809,199 shares, compared to its average volume of 782,164. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The stock's 50 day moving average is $257.68 and its 200-day moving average is $227.66. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $290.84. The company has a market capitalization of $11.97 billion, a PE ratio of 32.36, a PEG ratio of 1.11 and a beta of 1.52.

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

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors 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 annualized dividend and a dividend yield of 0.3%. Carpenter Technology's dividend payout ratio is 10.78%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark upped their price objective 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 reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

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.