HighTower Advisors LLC Has $3.78 Million Stock Position in Carpenter Technology Corporation $CRS

Key Points

• HighTower Advisors LLC reduced its holdings in Carpenter Technology Corporation by 6.7% in the first quarter, selling 1,505 shares and now owning a total of 20,855 shares valued at approximately $3.78 million.
• Several hedge funds have altered their positions in Carpenter Technology, with IMA Advisory Services purchasing a new position valued at around $36,000, while Bessemer Group increased its holdings by 50.3%.
• Recent analyst reports have boosted the stock's price target, with JPMorgan Chase & Co. increasing their target from $245.00 to $305.00 and giving it an "overweight" rating, showcasing strong confidence in the stock.

HighTower Advisors LLC lessened its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,855 shares of the basic materials company's stock after selling 1,505 shares during the quarter. HighTower Advisors LLC's holdings in Carpenter Technology were worth $3,779,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CRS. Egerton Capital UK LLP bought a new stake in Carpenter Technology in the first quarter worth approximately $329,727,000. SurgoCap Partners LP grew its position in Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after acquiring an additional 779,357 shares in the last quarter. Invesco Ltd. grew its position in Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after acquiring an additional 570,441 shares in the last quarter. GAMMA Investing LLC grew its position in Carpenter Technology by 19,404.3% in the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after acquiring an additional 476,764 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in Carpenter Technology in the fourth quarter worth approximately $69,285,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Activity

In other news, 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 value of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $1,391,677.14. Following the completion of the transaction, the director owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,691 shares of company stock worth $6,290,207. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their target price 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. Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Performance

NYSE:CRS traded up $0.11 during trading hours on Tuesday, hitting $241.74. 1,456,797 shares of the company traded hands, compared to its average volume of 941,607. The stock has a market capitalization of $12.05 billion, a price-to-earnings ratio of 32.58, a P/E/G ratio of 1.12 and a beta of 1.44. Carpenter Technology Corporation has a twelve month low of $129.57 and a twelve month high of $290.84. The firm has a 50-day moving average of $264.14 and a 200 day moving average of $223.59. 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 released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. The firm 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 business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.82 EPS. On average, analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology's dividend payout ratio is currently 10.78%.

About Carpenter Technology

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.