Graham Capital Management L.P. Increases Position in 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. increased its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 175.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,643 shares of the basic materials company's stock after purchasing an additional 2,322 shares during the quarter. Graham Capital Management L.P.'s holdings in Carpenter Technology were worth $660,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. M&T Bank Corp increased its stake in Carpenter Technology by 3.9% in the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock worth $279,000 after buying an additional 58 shares in the last quarter. Versant Capital Management Inc boosted its stake 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 worth $65,000 after acquiring an additional 77 shares during the period. Bessemer Group Inc. grew 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 worth $42,000 after purchasing an additional 77 shares in the last quarter. Fifth Third Bancorp raised its stake in Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after purchasing an additional 78 shares during the period. Finally, Mission Wealth Management LP lifted its holdings in Carpenter Technology by 4.0% in the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock worth $364,000 after purchasing an additional 78 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director owned 180,000 shares of the company's stock, valued at approximately $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The sale 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 firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares of the company's stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,124 shares of company stock worth $6,890,250 over the last three months. 2.90% of the stock is owned by insiders.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock traded down $3.64 during trading hours on Thursday, reaching $243.46. The company's stock had a trading volume of 940,685 shares, compared to its average volume of 760,876. The firm has a 50 day moving average price of $258.48 and a 200-day moving average price of $227.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The stock has a market cap of $12.14 billion, a P/E ratio of 32.81, a P/E/G ratio of 1.12 and a beta of 1.52. Carpenter Technology Corporation has a one year low of $136.05 and a one year high of $290.84.

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 for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company 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 firm posted $1.82 earnings per share. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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