Hodges Capital Management Inc. Buys 1,951 Shares of Carpenter Technology Corporation $CRS

Key Points

• Hodges Capital Management increased its stake in Carpenter Technology by 6.2% in the first quarter, buying 1,951 shares and bringing its total holdings to 33,174 shares worth about $13.1 million.
• Wall Street remains upbeat on CRS, with eight Buy ratings and two Hold ratings; the consensus price target is $481.75, while some firms recently raised their targets as high as $644.
• Carpenter Technology reported better-than-expected quarterly EPS of $2.77, but revenue of $655.6 million came in below estimates; the stock has also seen insider selling, including notable sales by a vice president and a director.

Hodges Capital Management Inc. boosted its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 6.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,174 shares of the basic materials company's stock after acquiring an additional 1,951 shares during the quarter. Carpenter Technology accounts for 1.1% of Hodges Capital Management Inc.'s portfolio, making the stock its 27th largest position. Hodges Capital Management Inc. owned about 0.07% of Carpenter Technology worth $13,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp lifted its holdings in Carpenter Technology by 10.1% during the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock valued at $514,687,000 after purchasing an additional 192,533 shares during the last quarter. Invesco Ltd. grew its stake in Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company's stock worth $652,241,000 after buying an additional 327,302 shares during the last quarter. Egerton Capital UK LLP increased its holdings in shares of Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock worth $488,950,000 after buying an additional 178,679 shares in the last quarter. SurgoCap Partners LP increased its holdings in shares of Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company's stock worth $294,377,000 after buying an additional 272,896 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Carpenter Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company's stock valued at $307,333,000 after acquiring an additional 78,588 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CRS shares. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Wells Fargo & Company upped their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. KeyCorp increased their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Finally, BTIG Research raised their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and a consensus price target of $481.75.

Carpenter Technology Stock Up 0.0%

NYSE CRS opened at $597.44 on Monday. The stock has a market capitalization of $29.69 billion, a P/E ratio of 62.89, a price-to-earnings-growth ratio of 1.75 and a beta of 1.22. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $624.50. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The stock has a fifty day moving average of $495.57 and a 200-day moving average of $413.42.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. The firm had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company's revenue was up 11.6% on a year-over-year basis. During the same period last year, the company earned $1.88 earnings per share. On average, equities research analysts forecast that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology's dividend payout ratio (DPR) is presently 8.42%.

Insider Buying and Selling

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director directly owned 750 shares of the company's stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by company insiders.

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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