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 lowered its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,988 shares of the basic materials company's stock after selling 1,510 shares during the quarter. Empowered Funds LLC owned approximately 0.07% of Carpenter Technology worth $5,977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Invesco Ltd. boosted its stake in Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after buying an additional 570,441 shares in the last quarter. Egerton Capital UK LLP purchased a new stake in Carpenter Technology in the first quarter worth approximately $329,727,000. SurgoCap Partners LP boosted its stake in Carpenter Technology by 117.6% in the fourth 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 in the last quarter. Advent International L.P. boosted its stake in Carpenter Technology by 12.1% in the first 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Carpenter Technology by 4.6% in the first 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 in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 1.3%

Shares of NYSE CRS traded down $3.09 during trading on Friday, reaching $240.09. The company had a trading volume of 809,199 shares, compared to its average volume of 780,756. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $290.84. The stock has a market cap of $11.97 billion, a PE ratio of 32.36, a P/E/G ratio of 1.09 and a beta of 1.53. The business's 50-day moving average is $257.68 and its 200 day moving average is $228.06. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS 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 firm had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same period in the prior year, the firm posted $1.82 earnings per share. The company's quarterly revenue was down 5.4% on a year-over-year basis. As a group, equities analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the sale, the director directly owned 180,000 shares of the company's stock, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,124 shares of company stock valued at $6,890,250 over the last ninety days. Insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Benchmark boosted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, JPMorgan Chase & Co. upped their target price on 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 assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $278.33.

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.