Carpenter Technology Corporation $CRS Position Lowered 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 lessened its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 83.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CRS. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology in the 1st quarter valued at about $36,000. Bessemer Group Inc. increased its position in 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 in the last quarter. Ameriflex Group Inc. acquired a new position in Carpenter Technology in the 4th quarter valued at about $44,000. Strategic Investment Solutions Inc. IL acquired a new position in Carpenter Technology in the 1st quarter valued at about $49,000. Finally, Versant Capital Management Inc raised its stake in Carpenter Technology by 27.3% in the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after purchasing an additional 77 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.1%

Shares of NYSE CRS traded up $2.72 on Wednesday, hitting $247.46. The company had a trading volume of 380,853 shares, compared to its average volume of 906,886. Carpenter Technology Corporation has a 12-month low of $131.12 and a 12-month high of $290.84. The business has a 50 day moving average of $259.75 and a two-hundred day moving average of $226.94. 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 firm has a market capitalization of $12.34 billion, a P/E ratio of 33.35, a PEG ratio of 1.15 and a beta of 1.52.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping 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 quarter in the prior year, the business earned $1.82 earnings per share. The company's revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology 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 sale, the director directly owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. The trade was a 3.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,691 shares of company stock valued at $6,290,207. 2.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRS. Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Finally, 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 research report on Tuesday, June 17th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

About Carpenter Technology

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.