Hancock Whitney Corp Takes Position in Carpenter Technology Corporation $CRS

Key Points

• Hancock Whitney Corp acquired a new stake in Carpenter Technology Corporation by purchasing 4,519 shares valued at approximately $819,000 during the first quarter.
• CEO Tony R. Thene sold 19,000 shares for about $4.65 million, a 3.43% decrease in ownership, while other insiders sold a total of 25,691 shares in the last quarter.
• Carpenter Technology reported earnings of $2.21 per share for the last quarter, exceeding analysts' estimates, despite revenue being down by 5.4% compared to the previous year.

Hancock Whitney Corp acquired a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,519 shares of the basic materials company's stock, valued at approximately $819,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRS. M&T Bank Corp raised its holdings in shares of Carpenter Technology by 3.9% during the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock valued at $279,000 after purchasing an additional 58 shares in the last quarter. Versant Capital Management Inc raised its holdings in Carpenter Technology by 27.3% in the 1st 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. raised its holdings in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after acquiring an additional 77 shares during the period. Fifth Third Bancorp raised its holdings in Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after acquiring an additional 78 shares during the period. Finally, Mission Wealth Management LP grew its position 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 during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares in the company, valued at $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This represents a 3.43% 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 quarter. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Stock Down 2.0%

Shares of Carpenter Technology stock traded down $5.02 on Thursday, hitting $242.08. The company had a trading volume of 591,951 shares, compared to its average volume of 906,647. The firm has a market capitalization of $12.07 billion, a P/E ratio of 32.66, a P/E/G ratio of 1.11 and a beta of 1.52. Carpenter Technology Corporation has a twelve month low of $136.05 and a twelve month high of $290.84. 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 50-day moving average of $259.20 and a 200-day moving average of $227.08.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. The business had revenue of $755.60 million during the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm's revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.82 earnings per share. Research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current 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 paid a $0.20 dividend. The ex-dividend date 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 (DPR) 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.