Charles Schwab Investment Management Inc. Sells 37,881 Shares of Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Carpenter Technology Corporation by 5.4%, now holding approximately 1.34% of the company, valued at $120.77 million.
• Multiple brokerages have provided positive ratings for Carpenter Technology, with price targets raised significantly, including JPMorgan's increase to $305.00 and Benchmark's to $300.00.
• Carpenter Technology reported a 12% decline in quarterly revenue year-over-year, yet exceeded EPS expectations with $2.21 compared to the consensus estimate of $2.03.

Charles Schwab Investment Management Inc. cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 5.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 666,571 shares of the basic materials company's stock after selling 37,881 shares during the period. Charles Schwab Investment Management Inc. owned about 1.34% of Carpenter Technology worth $120,769,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. IMA Advisory Services Inc. purchased a new stake in Carpenter Technology during the 1st quarter valued at $36,000. Bessemer Group Inc. increased its stake in shares of 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 purchasing an additional 77 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter worth $44,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Carpenter Technology in the 1st quarter worth $49,000. Finally, Versant Capital Management Inc increased its stake in shares of Carpenter Technology by 27.3% in the 1st 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. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CRS has been the subject of several analyst reports. Benchmark upped their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Finally, Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Carpenter Technology currently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Carpenter Technology Price Performance

CRS stock traded down $3.51 during trading on Friday, reaching $242.96. The company's stock had a trading volume of 837,350 shares, compared to its average volume of 934,505. Carpenter Technology Corporation has a 1 year low of $129.57 and a 1 year 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 $12.11 billion, a P/E ratio of 32.74, a price-to-earnings-growth ratio of 1.14 and a beta of 1.44. The company's fifty day moving average is $265.06 and its 200-day moving average is $221.04.

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

Carpenter Technology declared that its board has approved a stock repurchase 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 shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's dividend payout ratio is 10.78%.

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.