Entropy Technologies LP Invests $2.11 Million in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Entropy Technologies LP has invested approximately $2.11 million in Carpenter Technology Corporation by acquiring 11,631 shares, as reported in their latest SEC filing.
• Several institutional investors have significantly increased their stakes in Carpenter Technology, with ownership now at 92.03% among institutional investors and hedge funds.
• Analysts have raised their price targets for Carpenter Technology, with JPMorgan Chase setting a target of $305.00, reflecting a positive outlook on the stock.

Entropy Technologies LP purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,631 shares of the basic materials company's stock, valued at approximately $2,107,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRS. IMA Advisory Services Inc. bought a new position in shares of Carpenter Technology in the first quarter worth about $36,000. Bessemer Group Inc. boosted 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 valued at $42,000 after buying an additional 77 shares during the last quarter. Ameriflex Group Inc. bought a new position in Carpenter Technology during the fourth quarter valued at approximately $44,000. Strategic Investment Solutions Inc. IL bought a new position in Carpenter Technology during the first quarter valued at approximately $49,000. Finally, Versant Capital Management Inc boosted its stake in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after buying an additional 77 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Trading Down 1.3%

CRS traded down $3.08 during trading on Friday, hitting $243.39. 375,262 shares of the stock were exchanged, compared to its average volume of 915,689. The firm has a 50 day simple moving average of $265.18 and a 200 day simple moving average of $220.79. The firm has a market cap of $12.13 billion, a price-to-earnings ratio of 32.70, a P/E/G ratio of 1.16 and a beta of 1.44. Carpenter Technology Corporation has a 1 year low of $129.57 and a 1 year 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 released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. Carpenter Technology's quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the business posted $1.82 EPS. As a group, equities analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Carpenter Technology announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently commented on CRS. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. 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. Finally, Benchmark upped 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company 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.