Kennedy Capital Management LLC Invests $5.07 Million in Carpenter Technology Corporation $CRS

Key Points

• Kennedy Capital Management opened a new position in Carpenter Technology, buying 16,112 shares worth about $5.07 million in the fourth quarter.
• Carpenter Technology reported better-than-expected earnings of $2.77 per share, though revenue of $655.6 million came in below estimates; the company also said revenue rose 11.6% year over year.
• Wall Street remains broadly positive on CRS, with eight Buy ratings and an average Moderate Buy rating, despite recent insider sales by a vice president and a director.

Kennedy Capital Management LLC acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,112 shares of the basic materials company's stock, valued at approximately $5,073,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Meeder Advisory Services Inc. grew its holdings in shares of Carpenter Technology by 3.7% during the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock worth $280,000 after purchasing an additional 32 shares in the last quarter. Brown Miller Wealth Management LLC grew its holdings in shares of Carpenter Technology by 2.4% during the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock worth $444,000 after purchasing an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its holdings in shares of Carpenter Technology by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock worth $3,509,000 after purchasing an additional 34 shares in the last quarter. Clearstead Advisors LLC grew its holdings in shares of Carpenter Technology by 17.9% during the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company's stock worth $58,000 after purchasing an additional 36 shares in the last quarter. Finally, Armstrong Advisory Group Inc. grew its holdings in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $562.96 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $574.52. The stock has a 50 day moving average price of $449.65 and a two-hundred day moving average price of $386.08. The company has a market capitalization of $27.97 billion, a P/E ratio of 59.26, a PEG ratio of 1.93 and a beta of 1.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the previous year, the company posted $1.88 earnings per share. The business's revenue was up 11.6% on a year-over-year basis. Analysts expect that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have recently commented on CRS shares. Weiss Ratings lowered Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. BTIG Research boosted their price objective on Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. KeyCorp upped their target price on Carpenter Technology from $453.00 to $459.00 and gave the stock an "overweight" rating in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. upped their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and a consensus price target of $458.63.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares of the company's stock, valued at $317,895. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.90% of the company's stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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