Gotham Asset Management LLC Acquires 164,014 Shares of Carpenter Technology Corporation $CRS

Key Points

• Gotham Asset Management increased its stake in Carpenter Technology by 14,802.7% in the third quarter, buying an additional 164,014 shares to hold 165,122 shares (≈0.33%) valued at about $40.54 million.
• Company insiders sold a total of 22,300 shares worth $8.66 million in the past three months (notably Director Steven Karol and SVP James Dee), reducing insider ownership to 2.90%.
• Carpenter beat quarterly EPS estimates ($2.33 vs. $2.20) with revenue up 7.5% YoY; Wall Street consensus is a “Moderate Buy” with an average target price of $385.50, and the stock carries a market cap of ~$18.0B and a ~0.2% dividend yield.

Gotham Asset Management LLC lifted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 14,802.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 165,122 shares of the basic materials company's stock after purchasing an additional 164,014 shares during the period. Gotham Asset Management LLC owned 0.33% of Carpenter Technology worth $40,544,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Clearstead Advisors LLC lifted its stake in Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company's stock valued at $58,000 after buying an additional 36 shares during the period. Glass Jacobson Investment Advisors llc grew its position in shares of Carpenter Technology by 3.9% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company's stock worth $239,000 after buying an additional 37 shares during the period. ANB Bank grew its position in shares of Carpenter Technology by 3.3% during the 2nd quarter. ANB Bank now owns 1,304 shares of the basic materials company's stock worth $360,000 after buying an additional 42 shares during the period. Panagora Asset Management Inc. increased its stake in shares of Carpenter Technology by 3.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company's stock valued at $404,000 after acquiring an additional 43 shares during the last quarter. Finally, Independent Advisor Alliance raised its position in shares of Carpenter Technology by 0.6% in the 3rd quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company's stock valued at $1,639,000 after acquiring an additional 43 shares during the period. Institutional investors own 92.03% of the company's stock.

Insider Activity

In other news, Director Steven E. Karol sold 3,500 shares of the company's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares of the company's stock, valued at $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares of the company's stock, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,300 shares of company stock worth $8,664,044 in the last three months. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Down 4.0%

Carpenter Technology stock opened at $362.00 on Monday. The company has a 50 day moving average of $359.94 and a 200-day moving average of $312.36. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $412.31. The stock has a market capitalization of $18.03 billion, a PE ratio of 42.04, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the business posted $1.66 earnings per share. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology's dividend payout ratio (DPR) is currently 9.29%.

Wall Street Analyst Weigh In

CRS has been the topic of several recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Wall Street Zen upgraded shares of Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an "overweight" rating in a report on Friday, January 30th. BTIG Research lifted their target price on Carpenter Technology from $365.00 to $375.00 and gave the stock a "buy" rating in a report on Friday, January 30th. Finally, Susquehanna initiated coverage on Carpenter Technology in a report on Tuesday, March 3rd. They issued a "positive" rating and a $470.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $385.50.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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