Informed Momentum Co LLC Takes Position in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Informed Momentum Co LLC acquired a new stake in Carpenter Technology Corporation, purchasing 33,024 shares valued at approximately $5.98 million, making it the fund's 5th biggest position.
• Carpenter Technology's most recent earnings report revealed an EPS of $2.21, surpassing analysts' expectations, although its revenue fell 5.4% year-over-year.
• The company initiated a $400 million share repurchase program, potentially indicating that its leadership believes the stock is undervalued.

Informed Momentum Co LLC purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 33,024 shares of the basic materials company's stock, valued at approximately $5,983,000. Carpenter Technology accounts for 1.0% of Informed Momentum Co LLC's portfolio, making the stock its 5th biggest position. Informed Momentum Co LLC owned 0.07% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the business. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology in the first quarter worth $36,000. Bessemer Group Inc. raised its stake in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 77 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in Carpenter Technology during the fourth quarter valued at $44,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Carpenter Technology in the first quarter valued at $49,000. Finally, Versant Capital Management Inc raised its stake 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 acquiring an additional 77 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRS. 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 report on Tuesday, June 17th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Price Performance

NYSE:CRS traded down $3.51 during trading hours on Friday, hitting $242.96. The company's stock had a trading volume of 837,350 shares, compared to its average volume of 934,505. Carpenter Technology Corporation has a 52-week low of $129.57 and a 52-week high of $290.84. The company has a market capitalization of $12.11 billion, a PE ratio of 32.74, a PEG ratio of 1.14 and a beta of 1.44. The business's 50-day moving average is $265.06 and its two-hundred day moving average is $221.04. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. The firm had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the company earned $1.82 EPS. The firm's quarterly revenue was down 5.4% on a year-over-year basis. As a group, research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology announced that its board has approved a stock buyback plan on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

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.