Empowered Funds LLC Sells 1,510 Shares of Carpenter Technology Corporation $CRS

Key Points

• Empowered Funds LLC has reduced its stake in Carpenter Technology Corporation by 4.4%, owning 32,988 shares valued at approximately $5.98 million as of its latest SEC filing.
• Carpenter Technology recently declared a quarterly dividend of $0.20, resulting in an annualized dividend of $0.80 and a yield of 0.3%.
• The company's quarterly earnings exceeded expectations, reporting $2.21 EPS against an estimate of $2.03, despite a year-over-year revenue decline of 5.4%.

Empowered Funds LLC reduced its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,988 shares of the basic materials company's stock after selling 1,510 shares during the quarter. Empowered Funds LLC owned about 0.07% of Carpenter Technology worth $5,977,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. United Services Automobile Association bought a new position in shares of Carpenter Technology in the first quarter valued at approximately $601,000. Caxton Associates LLP purchased a new position in Carpenter Technology in the first quarter valued at approximately $1,948,000. First Dallas Securities Inc. purchased a new position in Carpenter Technology in the first quarter valued at approximately $494,000. Redwood Investments LLC lifted its stake in Carpenter Technology by 90.9% in the first quarter. Redwood Investments LLC now owns 32,058 shares of the basic materials company's stock valued at $5,808,000 after purchasing an additional 15,267 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in Carpenter Technology by 15,666.1% in the first quarter. Jones Financial Companies Lllp now owns 130,701 shares of the basic materials company's stock valued at $23,680,000 after purchasing an additional 129,872 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRS. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. raised 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 equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $278.33.

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven E. Karol sold 3,433 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares of the company's stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 in the last 90 days. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 2.0%

Shares of NYSE:CRS traded up $4.80 during trading on Wednesday, hitting $245.99. 283,129 shares of the company were exchanged, compared to its average volume of 900,856. The stock has a market cap of $12.26 billion, a price-to-earnings ratio of 33.28, a P/E/G ratio of 1.10 and a beta of 1.52. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $290.84. The firm has a fifty day moving average price of $256.21 and a two-hundred day moving average price of $228.39. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37.

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, topping 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 business had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period in the previous year, the firm earned $1.82 EPS. The firm's revenue was down 5.4% compared to the same quarter last year. As a group, research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology Company 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.