HMS Capital Management LLC Invests $351,000 in Carpenter Technology Corporation $CRS

Key Points

• HMS Capital Management LLC has invested $351,000 in Carpenter Technology Corporation, acquiring 1,940 shares during the first quarter.
• Analysts have projected a consensus target price of $278.33 for Carpenter Technology, with four analysts providing a "buy" rating and one a "hold" rating.
• Carpenter Technology announced a $0.20 quarterly dividend, with an annualized yield of 0.3%, and has initiated a $400 million share repurchase plan.

HMS Capital Management LLC purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,940 shares of the basic materials company's stock, valued at approximately $351,000.

Other institutional investors have also recently made changes to their positions in the company. IMA Advisory Services Inc. acquired a new stake in shares of Carpenter Technology in the first quarter worth approximately $36,000. Bessemer Group Inc. increased its holdings in Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in Carpenter Technology during the fourth quarter worth approximately $44,000. Strategic Investment Solutions Inc. IL acquired a new stake in Carpenter Technology during the 1st quarter worth $49,000. Finally, Versant Capital Management Inc grew its stake in shares of Carpenter Technology by 27.3% in the 1st 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 during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carpenter Technology

In related news, 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 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 represents a 45.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tony R. Thene sold 19,000 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares in the company, 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 have sold a total of 25,691 shares of company stock worth $6,290,207 over the last ninety days. Corporate insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

CRS has been the topic of several research analyst reports. Benchmark boosted their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. increased 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. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock traded down $1.3740 during trading on Monday, hitting $242.5160. The stock had a trading volume of 197,771 shares, compared to its average volume of 908,880. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84. The firm has a market cap of $12.09 billion, a P/E ratio of 32.71, a PEG ratio of 1.13 and a beta of 1.44. The business has a fifty day moving average of $264.52 and a two-hundred day moving average of $223.09. 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 (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping 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 return on equity of 21.50% and a net margin of 13.07%.The business's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.82 EPS. On average, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 26th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's 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.