FORA Capital LLC Acquires 2,453 Shares of Carpenter Technology Corporation $CRS

Key Points

• FORA Capital LLC increased its stake in Carpenter Technology Corporation by 76.3%, owning over 5,668 shares valued at approximately $1.03 million.
• Analysts have set new price targets for Carpenter Technology, with benchmarks ranging from $250 to $305, and the stock currently holds an average rating of "Moderate Buy."
• Carpenter Technology announced a quarterly dividend of $0.20 per share, reflecting a 0.3% dividend yield, with distribution scheduled for September 4th.

FORA Capital LLC increased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 76.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,668 shares of the basic materials company's stock after purchasing an additional 2,453 shares during the period. FORA Capital LLC's holdings in Carpenter Technology were worth $1,027,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Stratos Wealth Partners LTD. lifted its stake in shares of Carpenter Technology by 22.9% in the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after buying an additional 553 shares in the last quarter. Bessemer Group Inc. increased its position in shares of 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 acquiring an additional 77 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Carpenter Technology by 27.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after acquiring an additional 3,467 shares during the last quarter. Fifth Third Bancorp lifted its position in Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after acquiring an additional 78 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in Carpenter Technology during the 1st quarter valued at $678,000. 92.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the company'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 transaction of $243,720.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,691 shares of company stock worth $6,290,207. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

CRS traded down $1.08 during trading on Tuesday, hitting $239.80. The company's stock had a trading volume of 748,832 shares, compared to its average volume of 762,243. The business's 50 day simple moving average is $262.58 and its 200-day simple moving average is $225.46. The firm has a market cap of $11.95 billion, a PE ratio of 32.32, a P/E/G ratio of 1.10 and a beta of 1.52. Carpenter Technology Corporation has a one year low of $129.57 and a one year 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.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same quarter in the previous year, the firm posted $1.82 EPS. The company's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have commented on CRS shares. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark boosted their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

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.