Caxton Associates LLP Makes New $1.95 Million Investment 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 purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,751 shares of the basic materials company's stock, valued at approximately $1,948,000.

A number of other large investors also recently bought and sold shares of the stock. First Dallas Securities Inc. acquired a new position in Carpenter Technology in the first quarter valued at approximately $494,000. Redwood Investments LLC lifted its holdings in Carpenter Technology by 90.9% in the first quarter. Redwood Investments LLC now owns 32,058 shares of the basic materials company's stock valued at $5,808,000 after acquiring an additional 15,267 shares during the period. Jones Financial Companies Lllp lifted its holdings in Carpenter Technology by 15,666.1% in the first quarter. Jones Financial Companies Lllp now owns 130,701 shares of the basic materials company's stock valued at $23,680,000 after acquiring an additional 129,872 shares during the period. Rise Advisors LLC acquired a new position in Carpenter Technology in the first quarter valued at approximately $31,000. Finally, Night Owl Capital Management LLC lifted its holdings in Carpenter Technology by 4.8% in the first quarter. Night Owl Capital Management LLC now owns 49,332 shares of the basic materials company's stock valued at $8,938,000 after acquiring an additional 2,256 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

NYSE CRS traded down $3.09 during mid-day trading on Friday, hitting $240.09. The stock had a trading volume of 809,199 shares, compared to its average volume of 780,756. The firm's 50 day moving average is $257.68 and its 200 day moving average is $228.06. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve 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 stock has a market capitalization of $11.97 billion, a price-to-earnings ratio of 32.36, a PEG ratio of 1.09 and a beta of 1.53.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The firm had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same period in the prior year, the company earned $1.82 EPS. The firm's revenue was down 5.4% compared to the same quarter last year. Equities research analysts forecast 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. Investors of record on Tuesday, August 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is currently 10.78%.

Analysts Set New Price Targets

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

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares of the company's stock, valued at approximately $44,240,400. This represents a 1.87% decrease in their position. The transaction 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 the stock in a transaction on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is owned by insiders.

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.