Headlands Technologies LLC Invests $1.47 Million in Carpenter Technology Corporation $CRS

Key Points

• Headlands Technologies acquired a $1.47 million stake in Carpenter Technology during the second quarter, while institutional investors collectively own 92.03% of the company.
• Analysts maintain a broadly positive view, with a consensus “Buy” rating and an average price target of $577.25, despite mixed target adjustments.
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus $3.09 estimated, while revenue rose 12.6% year over year to $679.7 million. Insiders, including the CEO, sold more than $53 million in shares over the past 90 days.

Headlands Technologies LLC acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,388 shares of the basic materials company's stock, valued at approximately $1,473,000.

Other large investors have also modified their holdings of the company. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $28,000. Keating Financial Advisory Services Inc. bought a new position in Carpenter Technology during the 2nd quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in Carpenter Technology during the 1st quarter valued at about $30,000. SJS Investment Consulting Inc. boosted its position in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after buying an additional 36 shares in the last quarter. Finally, Rakuten Securities Inc. bought a new stake in Carpenter Technology during the 2nd quarter worth approximately $45,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ramin Younessi sold 438 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Tony R. Thene sold 57,456 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the transaction, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 109,721 shares of company stock valued at $53,091,824. 2.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. KeyCorp reduced their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. BTIG Research raised their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Wells Fargo & Company boosted their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 4th. Finally, Susquehanna decreased their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Carpenter Technology has a consensus rating of "Buy" and a consensus price target of $577.25.

Carpenter Technology Trading Up 0.1%

CRS opened at $476.72 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company has a market cap of $23.63 billion, a price-to-earnings ratio of 45.32, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25. The firm has a 50 day simple moving average of $555.47 and a 200 day simple moving average of $475.21. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million for the quarter, compared to analysts' expectations of $863.33 million. During the same period last year, the firm earned $2.21 earnings per share. The business's revenue for the quarter was up 12.6% on a year-over-year basis. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 13.09 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology's payout ratio is 7.60%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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