Carpenter Technology Corporation $CRS Stock Holdings Decreased by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors LLC has reduced its holdings in Carpenter Technology Corporation by 21.6%, selling 5,721 shares and leaving it with 20,723 shares worth $3,755,000 as of the latest SEC filing.
• Carpenter Technology's stock is currently down 2.7%, with shares trading at $244.97, compared to a 12-month low of $131.12 and a high of $290.84.
• The company recently announced a quarterly dividend of $0.20, resulting in an annualized dividend yield of 0.3% and a payout ratio of 10.78%.

Great Lakes Advisors LLC lessened its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 21.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,723 shares of the basic materials company's stock after selling 5,721 shares during the period. Great Lakes Advisors LLC's holdings in Carpenter Technology were worth $3,755,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CRS. Egerton Capital UK LLP purchased a new position in shares of Carpenter Technology in the 1st quarter valued at $329,727,000. SurgoCap Partners LP grew its holdings in Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Invesco Ltd. grew its holdings in Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after purchasing an additional 570,441 shares in the last quarter. GAMMA Investing LLC grew its holdings in Carpenter Technology by 19,404.3% during the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock valued at $86,825,000 after purchasing an additional 476,764 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Carpenter Technology during the 1st quarter valued at $63,136,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction dated 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 approximately $1,646,243.28. The trade was a 45.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $843,762.74. Following the sale, the director owned 180,000 shares in the company, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CRS has been the subject of a number of recent analyst reports. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Benchmark raised their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Stock Performance

NYSE:CRS traded down $3.09 during mid-day trading on Friday, hitting $240.09. The stock had a trading volume of 809,199 shares, compared to its average volume of 782,164. The stock has a market capitalization of $11.97 billion, a price-to-earnings ratio of 32.36, a P/E/G ratio of 1.11 and a beta of 1.52. The company has a 50 day simple moving average of $257.68 and a 200-day simple moving average of $227.66. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $290.84. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37.

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, beating the consensus estimate of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. Carpenter Technology's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the firm posted $1.82 EPS. On average, research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology's payout ratio is 10.78%.

Carpenter Technology 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.