Graham Capital Management L.P. Acquires 2,322 Shares of Carpenter Technology Corporation $CRS

Key Points

• Graham Capital Management L.P. significantly increased its stake in Carpenter Technology Corporation by 175.8% in the first quarter, acquiring an additional 2,322 shares for a total holding valued at $660,000.
• Several institutional investors have also made moves in Carpenter Technology, with 92.03% of the company now owned by such investors, including IMA Advisory Services and Bessemer Group, which increased their holdings by 50.3%.
• Carpenter Technology reported earnings of $2.21 EPS for the quarter, exceeding estimates, although revenue was down 5.4% year-over-year, amounting to $755.60 million.

Graham Capital Management L.P. raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 175.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,643 shares of the basic materials company's stock after buying an additional 2,322 shares during the period. Graham Capital Management L.P.'s holdings in Carpenter Technology were worth $660,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. IMA Advisory Services Inc. bought a new position in shares of Carpenter Technology in the first quarter valued at $36,000. Bessemer Group Inc. increased its holdings in shares of Carpenter Technology by 50.3% in 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 in the last quarter. Ameriflex Group Inc. bought a new position in shares of Carpenter Technology in the fourth quarter valued at $44,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Carpenter Technology in the first quarter valued at $49,000. Finally, Versant Capital Management Inc increased its holdings in shares of Carpenter Technology by 27.3% in 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 in the last quarter. Institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Benchmark upped their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Insider Activity

In other news, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director owned 6,732 shares in the company, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,691 shares of company stock worth $6,290,207 in the last ninety days. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 1.8%

Shares of Carpenter Technology stock traded up $4.51 on Monday, hitting $251.94. 904,767 shares of the company traded hands, compared to its average volume of 789,240. The company has a 50-day moving average price of $260.28 and a 200 day moving average price of $226.82. 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 Corporation has a 12-month low of $131.12 and a 12-month high of $290.84. The company has a market cap of $12.56 billion, a PE ratio of 33.95, a PEG ratio of 1.13 and a beta of 1.53.

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

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology's payout ratio is currently 10.78%.

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.