Kingstone Capital Partners Texas LLC Invests $5.61 Million 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 its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,304 shares of the basic materials company's stock, valued at approximately $5,612,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CRS. Two Sigma Advisers LP boosted its position in shares of Carpenter Technology by 5.9% in the 4th quarter. Two Sigma Advisers LP now owns 1,800 shares of the basic materials company's stock worth $305,000 after buying an additional 100 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Carpenter Technology by 18.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 103,084 shares of the basic materials company's stock worth $17,494,000 after buying an additional 15,853 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Carpenter Technology by 177.5% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,540 shares of the basic materials company's stock worth $261,000 after buying an additional 985 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter worth about $44,000. Finally, Virtue Capital Management LLC boosted its position in shares of Carpenter Technology by 6.0% in the 4th quarter. Virtue Capital Management LLC now owns 5,717 shares of the basic materials company's stock worth $970,000 after buying an additional 326 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRS has been the topic of a number of recent research reports. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. upped their target price on shares of 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 shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology 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 transaction, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the sale, the director directly owned 6,732 shares in the company, valued at approximately $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 quarter, insiders have sold 28,124 shares of company stock worth $6,890,250. Company insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 1.3%

NYSE CRS traded down $3.14 on Tuesday, reaching $239.60. The company had a trading volume of 620,201 shares, compared to its average volume of 918,034. The stock's 50 day moving average is $253.48 and its 200-day moving average is $229.94. The stock has a market cap of $11.94 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 1.09 and a beta of 1.53. 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 Corporation has a 52 week low of $138.61 and a 52 week high of $290.84.

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

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders 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 of this dividend was Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

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.