Granahan Investment Management LLC Sells 34,060 Shares of Carpenter Technology Corporation $CRS

Key Points

• Granahan Investment Management LLC reduced its holdings in Carpenter Technology Corporation by 12.8% in the first quarter, now owning 233,017 shares valued at approximately $42.2 million.
• Notable insider selling included CEO Tony R. Thene, who sold 19,000 shares for around $4.65 million, indicating a decrease in his position by 3.43%.
• Carpenter Technology's recent earnings showed an EPS of $2.21, exceeding analyst expectations, although quarterly revenue decreased by 5.4% year-over-year.

Granahan Investment Management LLC cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 12.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 233,017 shares of the basic materials company's stock after selling 34,060 shares during the period. Carpenter Technology accounts for 2.1% of Granahan Investment Management LLC's holdings, making the stock its 11th largest position. Granahan Investment Management LLC owned about 0.47% of Carpenter Technology worth $42,218,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. IMA Advisory Services Inc. acquired a new stake in Carpenter Technology during the first quarter worth approximately $36,000. Bessemer Group Inc. raised its position in 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 purchasing an additional 77 shares in the last quarter. Ameriflex Group Inc. acquired a new position in Carpenter Technology during the fourth quarter valued at approximately $44,000. Strategic Investment Solutions Inc. IL acquired a new position in Carpenter Technology during the first quarter valued at approximately $49,000. Finally, Versant Capital Management Inc raised its position in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after purchasing an additional 77 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the company'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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the company'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 sale, the director directly owned 6,732 shares in the company, 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. Over the last quarter, insiders have sold 25,691 shares of company stock valued at $6,290,207. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on CRS shares. Benchmark boosted their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Finally, JPMorgan Chase & Co. boosted 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 issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Trading Up 1.8%

Shares of Carpenter Technology stock traded up $4.51 during trading on Monday, hitting $251.94. The company's stock had a trading volume of 904,767 shares, compared to its average volume of 789,240. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. Carpenter Technology Corporation has a 52 week low of $131.12 and a 52 week high of $290.84. The stock has a market cap of $12.56 billion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 1.13 and a beta of 1.53. The stock has a 50-day moving average price of $260.28 and a two-hundred day moving average price of $226.82.

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 net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same quarter in the previous year, the firm posted $1.82 earnings per share. Carpenter Technology's revenue for the quarter was down 5.4% on a year-over-year basis. 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, September 4th. Shareholders of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's dividend payout ratio is 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.