Caxton Associates LLP Invests $1.95 Million in Carpenter Technology Corporation $CRS

Key Points

• Caxton Associates LLP has invested approximately $1.95 million to acquire 10,751 shares of Carpenter Technology Corporation, as per their recent SEC filing.
• CEO Tony R. Thene sold 19,000 shares for over $4.6 million, decreasing his ownership in the company by 3.43%.
• Carpenter Technology's stock recently increased by 1.8%, with earnings per share reported at $2.21, exceeding analysts' expectations.

Caxton Associates LLP acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,751 shares of the basic materials company's stock, valued at approximately $1,948,000.

Other large investors also recently modified their holdings of the company. Stratos Wealth Partners LTD. increased its position in shares of Carpenter Technology by 22.9% during the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after buying an additional 553 shares during the period. Bessemer Group Inc. increased its position in shares of 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 period. Wealth Enhancement Advisory Services LLC increased its position in shares of Carpenter Technology by 27.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after buying an additional 3,467 shares during the period. Fifth Third Bancorp grew its holdings in Carpenter Technology by 13.6% in the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after purchasing an additional 78 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new stake in Carpenter Technology in the first quarter worth $678,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 completion of the sale, the director directly owned 6,732 shares of the company's stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,691 shares of company stock valued at $6,290,207. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 1.8%

Carpenter Technology stock opened at $251.94 on Tuesday. Carpenter Technology Corporation has a 1-year low of $131.12 and a 1-year high of $290.84. The firm has a market capitalization of $12.56 billion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 1.13 and a beta of 1.53. The firm's fifty day moving average price is $260.28 and its two-hundred day moving average price is $226.82. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly 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 company had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the firm earned $1.82 earnings per share. The firm's revenue was down 5.4% on a year-over-year basis. On average, equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is presently 10.78%.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of research reports. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. raised their price target 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. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, Benchmark raised their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.

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