MetLife Investment Management LLC Reduces Position in Carpenter Technology Corporation $CRS

Key Points

• MetLife Investment Management LLC reduced its stake in Carpenter Technology Corporation by 1.9%, now owning 54,835 shares worth approximately $9.94 million.
• Recent analyst reports have generally been positive, with four analysts giving Carpenter Technology a "Buy" rating and a consensus price target of $278.33.
• The company announced a quarterly dividend of $0.20 per share, which will be paid on September 4th, representing a 0.3% dividend yield.

MetLife Investment Management LLC trimmed its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 1.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,835 shares of the basic materials company's stock after selling 1,053 shares during the period. MetLife Investment Management LLC owned 0.11% of Carpenter Technology worth $9,935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IMA Advisory Services Inc. purchased a new stake in Carpenter Technology in the first quarter worth about $36,000. Bessemer Group Inc. increased its holdings in Carpenter Technology by 50.3% in the 1st 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. Ameriflex Group Inc. purchased a new stake in Carpenter Technology in the 4th quarter worth approximately $44,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Carpenter Technology in the first quarter worth $49,000. Finally, Versant Capital Management Inc increased its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

NYSE CRS traded down $1.73 during trading on Friday, hitting $240.83. 632,300 shares of the stock traded hands, compared to its average volume of 864,842. The firm has a 50-day simple moving average of $263.51 and a 200-day simple moving average of $224.71. Carpenter Technology Corporation has a 12-month low of $129.57 and a 12-month high of $290.84. 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 company has a market capitalization of $12.01 billion, a P/E ratio of 32.46, a price-to-earnings-growth ratio of 1.10 and a beta of 1.44.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted 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 net margin of 13.07% and a return on equity of 21.50%. The firm had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the firm posted $1.82 earnings per share. Carpenter Technology's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 26th will be given a $0.20 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is currently 10.78%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CRS shares. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Benchmark increased their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. increased 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. Finally, BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction that occurred 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 transaction, the director 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $4,654,810.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,691 shares of company stock worth $6,290,207. Corporate 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.