Carpenter Technology Corporation $CRS Shares Sold by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP has significantly reduced its holdings in Carpenter Technology Corporation by 83.5%, now owning only 1,700 shares valued at $308,000.
• In the meantime, other investors such as IMA Advisory Services Inc. and Bessemer Group Inc. have either initiated new positions or increased their stakes in the company during the first quarter.
• Equities analysts have a consensus rating of "Moderate Buy" on Carpenter Technology shares, with an average target price of $278.33, indicating positive market sentiment.

Cinctive Capital Management LP cut its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 83.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,700 shares of the basic materials company's stock after selling 8,583 shares during the quarter. Cinctive Capital Management LP's holdings in Carpenter Technology were worth $308,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology in the first quarter valued at $36,000. Bessemer Group Inc. grew its stake in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 77 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in Carpenter Technology in the 4th quarter valued at about $44,000. Strategic Investment Solutions Inc. IL purchased a new position in Carpenter Technology during the 1st quarter valued at about $49,000. Finally, Versant Capital Management Inc raised its position 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 acquiring an additional 77 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director directly owned 180,000 shares of the company's stock, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology 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 owned 535,019 shares of the company's stock, valued at $131,074,304.81. This trade represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by company insiders.

Carpenter Technology Trading Down 1.5%

NYSE CRS traded down $3.64 during mid-day trading on Thursday, reaching $243.46. 940,685 shares of the stock were exchanged, compared to its average volume of 760,876. Carpenter Technology Corporation has a 1-year low of $136.05 and a 1-year high of $290.84. The business's fifty day simple moving average is $258.48 and its 200 day simple moving average is $227.38. The stock has a market capitalization of $12.14 billion, a PE ratio of 32.81, a PEG ratio of 1.12 and a beta of 1.52. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65.

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 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 company had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same period in the previous year, the firm posted $1.82 EPS. Carpenter Technology's revenue was down 5.4% on a year-over-year basis. On average, research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced 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 was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is presently 10.78%.

Wall Street Analyst Weigh In

CRS has been the topic of several research reports. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $278.33.

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.