Dimensional Fund Advisors LP Has $299.24 Million Stock Holdings in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Dimensional Fund Advisors LP reduced its stake in Carpenter Technology Corp. by 4.1% in Q1, maintaining ownership of approximately 3.32% of the company, worth $299.24 million.
• Brokerages have increased their price targets for Carpenter Technology Corp., with most recent targets ranging from $278.33 to $305.00, predominantly with "buy" ratings.
• Carpenter Technology announced a quarterly dividend of $0.20 per share, with an ex-dividend date set for August 26. Additionally, a $400 million share buyback program has been approved by the Board of Directors.

Dimensional Fund Advisors LP lowered its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,651,679 shares of the basic materials company's stock after selling 69,917 shares during the period. Dimensional Fund Advisors LP owned approximately 3.32% of Carpenter Technology worth $299,241,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CRS. IMA Advisory Services Inc. acquired a new stake in Carpenter Technology during the first quarter worth approximately $36,000. Bessemer Group Inc. grew its stake 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 purchasing an additional 77 shares during the period. Ameriflex Group Inc. acquired a new stake in Carpenter Technology during the fourth quarter worth approximately $44,000. Strategic Investment Solutions Inc. IL acquired a new stake in Carpenter Technology during the first quarter worth approximately $49,000. Finally, Versant Capital Management Inc grew its stake in Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after acquiring an additional 77 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on CRS. Benchmark raised their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Finally, Cowen reissued a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $278.33.

Insider Buying and Selling at Carpenter Technology

In other news, 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 value of $243,720.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Down 1.4%

CRS stock opened at $242.96 on Friday. Carpenter Technology Corporation has a twelve month low of $129.57 and a twelve month high of $290.84. 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 stock's 50 day moving average is $265.06 and its 200-day moving average is $221.12. The firm has a market capitalization of $12.11 billion, a PE ratio of 32.74, a P/E/G ratio of 1.12 and a beta of 1.44.

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 for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $790.73 million. During the same quarter last year, the company earned $1.82 earnings per share. The company's revenue for the quarter was down 5.4% on a year-over-year basis. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology announced that its Board of Directors has approved a share buyback program on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

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.

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