Corebridge Financial Inc. Lowers Holdings in Carpenter Technology Corporation $CRS

Key Points

• Corebridge Financial Inc. has decreased its stake in Carpenter Technology Corporation by 1.6%, now holding 78,404 shares valued at approximately $14.2 million.
• Carpenter Technology reported earnings of $2.21 per share, exceeding analysts' expectations, but its revenue fell short of projections, amounting to $755.6 million for the quarter.
• The company has announced a quarterly dividend of $0.20 per share, with an annualized dividend yield of 0.3%, to be paid on September 4th.

Corebridge Financial Inc. cut its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 1.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,404 shares of the basic materials company's stock after selling 1,313 shares during the period. Corebridge Financial Inc. owned 0.16% of Carpenter Technology worth $14,205,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CRS. IMA Advisory Services Inc. purchased a new stake in shares of Carpenter Technology in the first quarter worth $36,000. Bessemer Group Inc. lifted its holdings in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after acquiring an additional 77 shares during the last quarter. Ameriflex Group Inc. bought a new stake in Carpenter Technology during 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 increased its position in Carpenter Technology by 27.3% during 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 period. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Stock Down 0.7%

Shares of CRS traded down $1.73 during mid-day trading on Friday, hitting $240.83. 632,300 shares of the company's stock were exchanged, compared to its average volume of 864,842. The stock's 50-day moving average is $263.51 and its 200-day moving average is $224.71. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 32.46, a P/E/G ratio of 1.10 and a beta of 1.44. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84. 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 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. The firm 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 firm's revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.82 earnings per share. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRS. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Benchmark upped their price objective 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. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction that occurred on 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 directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was 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. Over the last ninety days, insiders have sold 25,691 shares of company stock worth $6,290,207. Insiders own 2.90% of the company's stock.

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.