Intech Investment Management LLC Has $8.46 Million Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Intech Investment Management LLC has reduced its stake in Carpenter Technology Corporation by 28.7%, now holding approximately $8.46 million in shares.
• CEO Tony R. Thene recently sold 19,000 shares valued at approximately $4.65 million, indicating a 3.43% decrease in his ownership position.
• Carpenter Technology reported a quarterly EPS of $2.21, exceeding analysts' expectations, although its revenue decreased by 5.4% year-over-year.

Intech Investment Management LLC cut its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 28.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,676 shares of the basic materials company's stock after selling 18,834 shares during the quarter. Intech Investment Management LLC owned 0.09% of Carpenter Technology worth $8,457,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in CRS. Egerton Capital UK LLP acquired a new position in shares of Carpenter Technology in the first quarter worth $329,727,000. SurgoCap Partners LP boosted its holdings 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 valued at $244,734,000 after purchasing an additional 779,357 shares during the last quarter. Invesco Ltd. boosted its holdings 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 valued at $381,869,000 after purchasing an additional 570,441 shares during the last quarter. GAMMA Investing LLC raised its stake in Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock valued at $86,825,000 after buying an additional 476,764 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Carpenter Technology during the first quarter valued at approximately $63,136,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Down 0.3%

Shares of CRS traded down $0.83 during mid-day trading on Tuesday, reaching $240.58. The company's stock had a trading volume of 139,660 shares, compared to its average volume of 902,225. The business has a fifty day moving average of $256.91 and a 200 day moving average of $228.30. The company has a market cap of $11.99 billion, a price-to-earnings ratio of 32.33, a price-to-earnings-growth ratio of 1.09 and a beta of 1.53. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year 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.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced 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. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the company earned $1.82 earnings per share. Carpenter Technology's quarterly revenue was down 5.4% compared to the same quarter last year. As a group, analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction that occurred 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 $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Benchmark upped their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $278.33.

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.