Dimensional Fund Advisors LP Decreases Holdings in Carpenter Technology Corporation $CRS

Key Points

• Dimensional Fund Advisors LP cut its Carpenter Technology stake by 44.3% in the first quarter, selling 363,066 shares and leaving it with 456,701 shares worth about $179.9 million.
• Wall Street sentiment remains bullish on CRS, with a consensus “Buy” rating and an average price target of $556.75; JPMorgan recently raised its target sharply to $705.
• Carpenter Technology beat quarterly EPS expectations with $2.77 per share, though revenue of $655.6 million came in below estimates even as sales rose 11.6% year over year.

Dimensional Fund Advisors LP decreased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 44.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 456,701 shares of the basic materials company's stock after selling 363,066 shares during the quarter. Dimensional Fund Advisors LP owned 0.92% of Carpenter Technology worth $179,948,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in CRS. State Street Corp raised its position in Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock worth $514,687,000 after purchasing an additional 192,533 shares during the period. Invesco Ltd. boosted its position in Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company's stock valued at $652,241,000 after buying an additional 327,302 shares during the period. Egerton Capital UK LLP boosted its position in Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock valued at $488,950,000 after buying an additional 178,679 shares during the period. SurgoCap Partners LP grew its stake in shares of Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company's stock valued at $294,377,000 after buying an additional 272,896 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Carpenter Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company's stock worth $307,333,000 after buying an additional 78,588 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRS shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. BTIG Research boosted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $470.00 to $705.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $556.75.

Insider Buying and Selling

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director directly owned 750 shares in the company, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $603.70 on Friday. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $541.18 and a 200-day moving average price of $439.66. The company has a market cap of $30.00 billion, a price-to-earnings ratio of 63.55, a price-to-earnings-growth ratio of 1.70 and a beta of 1.22. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. During the same period last year, the firm earned $1.88 earnings per share. Carpenter Technology's quarterly revenue was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Carpenter Technology Corporation will post 10.58 EPS for the current year.

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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