Algert Global LLC Acquires 15,520 Shares of Carpenter Technology Corporation $CRS

Key Points

• Algert Global LLC increased its stake in Carpenter Technology Corporation by 21.9% in the first quarter, owning 86,281 shares and valuing their holdings at approximately $15.6 million.
• Several large investors, including Raymond James Financial and American Century Companies, also increased their positions, reflecting growing institutional interest as they now collectively own over 92% of the company's stock.
• Carpenter Technology reported quarterly earnings of $2.21 per share, surpassing estimates, but faced a revenue decline of 5.4% compared to the previous year as it continues to explore a $400 million share repurchase program.

Algert Global LLC raised its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 21.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 86,281 shares of the basic materials company's stock after purchasing an additional 15,520 shares during the period. Carpenter Technology accounts for approximately 0.4% of Algert Global LLC's portfolio, making the stock its 16th largest position. Algert Global LLC owned 0.17% of Carpenter Technology worth $15,632,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. M&T Bank Corp raised its holdings 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 buying an additional 58 shares during the last quarter. Versant Capital Management Inc raised its holdings 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 buying an additional 77 shares during the last quarter. Bessemer Group Inc. raised its holdings 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 buying an additional 77 shares during the last quarter. Fifth Third Bancorp raised its holdings in Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after buying an additional 78 shares during the last quarter. Finally, Mission Wealth Management LP raised its holdings in Carpenter Technology by 4.0% during the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock worth $364,000 after buying an additional 78 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Benchmark upped their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Up 1.4%

Shares of NYSE CRS traded up $3.4460 during trading on Friday, hitting $244.7760. The stock had a trading volume of 289,767 shares, compared to its average volume of 908,943. Carpenter Technology Corporation has a 12 month low of $129.57 and a 12 month high of $290.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The company has a market capitalization of $12.20 billion, a PE ratio of 33.00, a PEG ratio of 1.11 and a beta of 1.44. The firm has a fifty day moving average of $264.61 and a two-hundred day moving average of $222.30.

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 (EPS) for the quarter, topping 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 firm had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. During the same quarter in the prior year, the business posted $1.82 EPS. The business's revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal 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 dividend of $0.20 per share. 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 is presently 10.78%.

Carpenter Technology declared that its board has authorized a stock buyback plan on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction 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. This represents a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,691 shares of company stock worth $6,290,207. 2.90% of the stock is owned by company insiders.

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.