Carpenter Technology Corporation $CRS Shares Purchased by Ieq Capital LLC

Key Points

• Ieq Capital LLC increased its stake in Carpenter Technology Corporation by 73.3% in the first quarter, bringing its holdings to $867,000.
• Carpenter Technology recently declared a quarterly dividend of $0.20 per share, with a total annualized payment of $0.80, resulting in a 0.3% dividend yield.
• CEO Tony R. Thene sold 19,000 shares at an average price of $244.99, while insiders have sold a total of 25,691 shares valued at about $6.29 million in recent months.

Ieq Capital LLC raised its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 73.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,784 shares of the basic materials company's stock after purchasing an additional 2,023 shares during the period. Ieq Capital LLC's holdings in Carpenter Technology were worth $867,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRS. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology in the first quarter valued at approximately $36,000. Bessemer Group Inc. boosted its stake in shares of Carpenter Technology by 50.3% in the first 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 last quarter. Ameriflex Group Inc. acquired a new stake in shares of Carpenter Technology in the fourth quarter valued at about $44,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carpenter Technology in the first quarter valued at about $49,000. Finally, Versant Capital Management Inc raised its position in shares of Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after buying an additional 77 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Carpenter Technology

In related news, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction on 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 owned 535,019 shares in the company, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the business'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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,691 shares of company stock worth $6,290,207. 2.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $278.33.

Carpenter Technology Trading Up 3.0%

NYSE:CRS traded up $7.28 on Friday, reaching $247.54. The company's stock had a trading volume of 1,240,472 shares, compared to its average volume of 785,869. Carpenter Technology Corporation has a 12-month low of $129.57 and a 12-month high of $290.84. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of 33.36, a price-to-earnings-growth ratio of 1.09 and a beta of 1.52. The stock has a 50 day moving average price of $260.77 and a 200 day moving average price of $226.18.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The company 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 company's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.82 earnings per share. On average, equities analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology's payout ratio is currently 10.78%.

Carpenter Technology 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.