Chesapeake Capital Corp IL Acquires New Position in Carpenter Technology Corporation $CRS

Key Points

• Chesapeake Capital Corp IL initiated a new position in Carpenter Technology by buying 5,322 shares worth about $1.307 million, representing roughly 1.2% of Chesapeake’s portfolio and its 14th largest holding.
• Carpenter Technology posted Q results with $2.33 EPS (beating estimates) and revenue up 7.5% year‑over‑year; the stock trades at a P/E of 42.04 with a $18.03 billion market cap and carries an average analyst rating of "Moderate Buy" (average target $385.50).
• Insiders have been net sellers recently—22,300 shares worth about $8.66 million were sold in the last 90 days—while institutional investors hold roughly 92.03% of the stock and insiders own about 2.90%.

Chesapeake Capital Corp IL bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,322 shares of the basic materials company's stock, valued at approximately $1,307,000. Carpenter Technology comprises approximately 1.2% of Chesapeake Capital Corp IL's portfolio, making the stock its 14th largest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Woodline Partners LP acquired a new stake in Carpenter Technology in the first quarter worth $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock worth $18,985,000 after acquiring an additional 1,701 shares during the period. Focus Partners Wealth increased its holdings in shares of Carpenter Technology by 7.3% in the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock worth $836,000 after acquiring an additional 314 shares during the period. Envestnet Asset Management Inc. lifted its position in Carpenter Technology by 8.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 18,133 shares of the basic materials company's stock valued at $5,012,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Atria Investments Inc bought a new stake in Carpenter Technology in the 2nd quarter valued at about $242,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

CRS opened at $362.00 on Friday. The business has a 50 day moving average price of $359.94 and a two-hundred day moving average price of $311.36. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. The company has a market capitalization of $18.03 billion, a price-to-earnings ratio of 42.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.22. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $412.31.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.20 by $0.13. The firm had revenue of $728.00 million for the quarter, compared to analysts' expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. Carpenter Technology's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.66 earnings per share. Research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Tuesday, January 27th. Carpenter Technology's payout ratio is presently 9.29%.

Insiders Place Their Bets

In related news, SVP James D. Dee sold 15,800 shares of the company's stock in a transaction on 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 transaction, the senior vice president directly owned 73,739 shares of the company's stock, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven E. Karol sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the sale, the director directly owned 225,381 shares of the company's stock, valued at $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,300 shares of company stock worth $8,664,044 over the last 90 days. Insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

CRS has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, January 31st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Carpenter Technology in a report on Tuesday, January 27th. TD Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Friday, November 14th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $388.00 to $394.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Finally, Susquehanna began coverage on Carpenter Technology in a research note on Tuesday, March 3rd. They set a "positive" rating and a $470.00 target price on the stock. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $385.50.

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.

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