Carpenter Technology Corporation $CRS Shares Sold by TimesSquare Capital Management LLC

Key Points

• TimesSquare Capital Management trimmed its Carpenter Technology stake by 3.1% in the fourth quarter, selling 9,510 shares and leaving it with 297,460 shares worth about $93.7 million.
• Carpenter Technology posted better-than-expected EPS of $2.77 in its latest quarter, though revenue of $655.6 million came in below analyst estimates. Revenue still rose 11.6% year over year.
• Analysts remain broadly positive, with nine Buy ratings and two Holds; the consensus rating is Moderate Buy and the average price target is $438.78, while several firms recently raised their targets.

TimesSquare Capital Management LLC cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 297,460 shares of the basic materials company's stock after selling 9,510 shares during the quarter. Carpenter Technology comprises about 1.4% of TimesSquare Capital Management LLC's investment portfolio, making the stock its 13th largest position. TimesSquare Capital Management LLC owned approximately 0.60% of Carpenter Technology worth $93,652,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology during the 2nd quarter worth $28,000. Armstrong Advisory Group Inc. grew its stake in shares of Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after purchasing an additional 43 shares during the period. Spire Wealth Management grew its stake in shares of Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after purchasing an additional 84 shares during the period. Headlands Technologies LLC acquired a new position in shares of Carpenter Technology during the 2nd quarter worth $43,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Carpenter Technology during the 2nd quarter worth $45,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Get Carpenter Technology SMS alerts:

Sign Up

Carpenter Technology Price Performance

Carpenter Technology stock opened at $404.54 on Tuesday. Carpenter Technology Corporation has a 12-month low of $219.58 and a 12-month high of $475.69. The stock has a market capitalization of $20.10 billion, a P/E ratio of 42.58, a P/E/G ratio of 1.53 and a beta of 1.24. The firm's 50-day moving average is $411.05 and its two-hundred day moving average is $363.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08.

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

Carpenter Technology Dividend Announcement

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

Insider Activity

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares of the company's stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,865 shares of company stock valued at $14,196,607 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Susquehanna upped their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a research note on Thursday, April 30th. KeyCorp increased their price objective on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a research note on Monday, May 4th. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research note on Monday, May 4th. Finally, TD Cowen increased their price objective on shares of Carpenter Technology from $430.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology presently has a consensus rating of "Moderate Buy" and an average target price of $438.78.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.