Kingstone Capital Partners Texas LLC Acquires New Shares in Carpenter Technology Corporation $CRS

Key Points

• Kingstone Capital Partners Texas LLC has acquired 20,304 shares of Carpenter Technology Corporation, valued at approximately $5.6 million, indicating growing institutional interest in the company.
• CEO Tony R. Thene sold 19,000 shares of Carpenter Technology, resulting in a 3.43% decrease in his ownership, while other insiders collectively sold over 28,000 shares in the last three months.
• Carpenter Technology announced a quarterly dividend of $0.20, representing an annual yield of 0.3%, and the company has an average price target of $278.33 according to analysts.

Kingstone Capital Partners Texas LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 20,304 shares of the basic materials company's stock, valued at approximately $5,612,000.

Other large investors have also modified their holdings of the company. Rise Advisors LLC purchased a new stake in shares of Carpenter Technology during the first quarter worth about $31,000. IMA Advisory Services Inc. purchased a new stake in shares of Carpenter Technology during the first quarter worth about $36,000. Bessemer Group Inc. grew its stake in shares of Carpenter Technology by 50.3% during 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. purchased a new stake in shares of Carpenter Technology during the fourth quarter worth about $44,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Carpenter Technology during the first quarter worth about $49,000. Hedge funds and other institutional investors 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 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 completion of the transaction, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven E. Karol sold 3,433 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares of the company's stock, valued at approximately $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is owned by insiders.

Carpenter Technology Trading Down 2.9%

Shares of NYSE:CRS opened at $239.52 on Friday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $290.84. The firm has a market capitalization of $11.94 billion, a price-to-earnings ratio of 32.28, a price-to-earnings-growth ratio of 1.09 and a beta of 1.52. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The business's 50 day moving average price is $254.20 and its 200-day moving average price is $229.21.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (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 last year, the firm posted $1.82 EPS. The business's revenue was down 5.4% on a year-over-year basis. On average, equities research 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 disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is currently 10.78%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRS shares. Benchmark boosted their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. 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 research report on Tuesday, June 17th. Finally, BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $278.33.

About Carpenter Technology

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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