Glass Jacobson Investment Advisors llc Purchases New Stake in Carpenter Technology Corporation $CRS

Key Points

• Glass Jacobson Investment Advisors LLC acquired a new stake in Carpenter Technology Corporation, purchasing 937 shares valued at approximately $259,000 during the 2nd quarter.
• Carpenter Technology reported earnings of $2.43 per share for the last quarter, exceeding expectations and achieving a year-over-year revenue increase of 2.2%.
• The company declared a quarterly dividend of $0.20 per share, to be paid on December 4th, representing an annual yield of 0.3%.

Glass Jacobson Investment Advisors llc purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 937 shares of the basic materials company's stock, valued at approximately $259,000.

A number of other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Carpenter Technology by 7.7% during the first quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company's stock valued at $479,000 after acquiring an additional 188 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock valued at $2,890,000 after purchasing an additional 3,467 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Carpenter Technology in the 1st quarter worth approximately $678,000. Bessemer Group Inc. lifted its holdings in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Carpenter Technology by 514.4% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 8,786 shares of the basic materials company's stock worth $1,592,000 after buying an additional 7,356 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 4.5%

Shares of NYSE:CRS opened at $313.63 on Friday. The company has a current ratio of 4.44, a quick ratio of 2.01 and a debt-to-equity ratio of 0.36. The stock has a fifty day simple moving average of $246.12 and a two-hundred day simple moving average of $241.58. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $315.90. The stock has a market capitalization of $15.63 billion, a price-to-earnings ratio of 38.34, a PEG ratio of 1.42 and a beta of 1.46.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. The firm had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The company's revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned $1.73 earnings per share. On average, research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's payout ratio is 9.78%.

Insider Transactions at Carpenter Technology

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Friday. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Jones Trading initiated coverage on shares of Carpenter Technology in a research report on Wednesday. They set a "buy" rating and a $400.00 price target on the stock. Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the stock a "buy" rating in a research note on Friday. Finally, BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $333.33.

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.

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