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 lowered its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 28.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,676 shares of the basic materials company's stock after selling 18,834 shares during the period. Intech Investment Management LLC owned about 0.09% of Carpenter Technology worth $8,457,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Rise Advisors LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth $31,000. IMA Advisory Services Inc. acquired a new position in shares of Carpenter Technology during the 1st quarter worth $36,000. Bessemer Group Inc. raised its holdings in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Carpenter Technology during the 4th quarter worth $44,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Carpenter Technology during the 1st quarter worth $49,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Activity at Carpenter Technology

In related news, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction dated 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 owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven E. Karol sold 3,433 shares of the company's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock worth $6,890,250 in the last 90 days. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Trading Up 1.1%

NYSE CRS opened at $247.46 on Thursday. The business's 50-day moving average price is $259.20 and its two-hundred day moving average price is $227.08. Carpenter Technology Corporation has a 12 month low of $131.12 and a 12 month high of $290.84. The firm has a market capitalization of $12.34 billion, a PE ratio of 33.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.52. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly 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. 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 quarter in the previous year, the company posted $1.82 EPS. The business's revenue was down 5.4% on a year-over-year basis. On average, analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology's payout ratio is 10.78%.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of research reports. JPMorgan Chase & Co. boosted 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. BTIG Research restated 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 research report on Thursday, June 12th. Finally, Benchmark boosted 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. Four research 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 presently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

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.

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