Concentric Capital Strategies LP Sells 9,873 Shares of Carpenter Technology Corporation $CRS

Key Points

• Concentric Capital Strategies LP has reduced its stake in Carpenter Technology Corporation by 77.3%, now holding only 2,893 shares valued at approximately $524,000.
• Several institutional investors increased their holdings in Carpenter Technology during the first quarter, with Amundi raising its position by an astonishing 344,580.0%, leading to ownership of 51,702 shares valued at $8,610,000.
• Carpenter Technology recently reported earnings of $2.21 per share, beating estimates, but its revenue fell short of expectations, declining 5.4% year-over-year.

Concentric Capital Strategies LP reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 77.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,893 shares of the basic materials company's stock after selling 9,873 shares during the quarter. Concentric Capital Strategies LP's holdings in Carpenter Technology were worth $524,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Invesco Ltd. increased its position in Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after purchasing an additional 570,441 shares during the period. Egerton Capital UK LLP purchased a new stake in shares of Carpenter Technology in the 1st quarter worth about $329,727,000. SurgoCap Partners LP grew its position in shares of Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after buying an additional 779,357 shares during the period. Advent International L.P. grew its position in shares of Carpenter Technology by 12.1% in the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock worth $145,819,000 after buying an additional 87,186 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Carpenter Technology by 4.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock worth $113,114,000 after buying an additional 27,123 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director owned 6,732 shares in the company, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,691 shares of company stock worth $6,290,207. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Down 2.7%

CRS stock traded down $6.91 during trading on Tuesday, hitting $244.97. 660,259 shares of the stock traded hands, compared to its average volume of 910,484. Carpenter Technology Corporation has a 1 year low of $131.12 and a 1 year high of $290.84. The firm's 50 day moving average is $260.28 and its two-hundred day moving average is $226.82. The stock has a market cap of $12.21 billion, a price-to-earnings ratio of 33.01, a price-to-earnings-growth ratio of 1.13 and a beta of 1.53. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.82 EPS. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

CRS has been the topic of a number of recent research reports. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark upped their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology presently 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.