Lee Johnson Capital Management LLC Buys New Position in Carpenter Technology Corporation $CRS

Key Points

• Lee Johnson Capital Management LLC has acquired a new position in Carpenter Technology Corporation by buying 2,877 shares valued at approximately $795,000.
• Several large institutional investors have increased their stakes in Carpenter Technology, with Invesco Ltd. boosting its position by 37.1% in the first quarter.
• Wall Street analysts generally rate Carpenter Technology as a "Moderate Buy," with a consensus price target of $278.33 following positive earnings performance exceeding analysts' expectations.

Lee Johnson Capital Management LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,877 shares of the basic materials company's stock, valued at approximately $795,000.

A number of other large investors have also recently made changes to their positions in the company. Invesco Ltd. boosted its position in shares of Carpenter Technology by 37.1% in the 1st 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 period. Egerton Capital UK LLP acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at about $329,727,000. Advent International L.P. boosted its position in shares of Carpenter Technology by 12.1% in the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock valued at $145,819,000 after purchasing an additional 87,186 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Carpenter Technology by 4.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock valued at $113,114,000 after purchasing an additional 27,123 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Carpenter Technology by 13.9% in the 1st quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company's stock valued at $106,695,000 after purchasing an additional 71,747 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was 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 $44,240,400. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were 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 $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock valued at $6,890,250 in the last ninety days. Corporate insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRS. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. JPMorgan Chase & Co. increased 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. Finally, Benchmark increased 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 investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $241.69 on Tuesday. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 32.57, a price-to-earnings-growth ratio of 1.14 and a beta of 1.53. The stock has a 50 day simple moving average of $249.17 and a 200-day simple moving average of $232.06. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $290.84. 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 issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping 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 business had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same period in the prior year, the business posted $1.82 EPS. The company's revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current 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 (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.

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