Louisiana State Employees Retirement System Takes $5.68 Million Position in Carpenter Technology Corporation $CRS

Key Points

• Louisiana State Employees Retirement System disclosed a new first-quarter position in Carpenter Technology, buying 14,400 shares valued at about $5.68 million.
• Institutional ownership in CRS remains very high, with hedge funds and other institutions holding 92.03% of the stock; several large firms also added or initiated positions recently.
• Carpenter Technology reported better-than-expected earnings of $2.77 per share, while analysts remain broadly bullish with an average rating of Moderate Buy and an average price target of $458.62.

Louisiana State Employees Retirement System purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,400 shares of the basic materials company's stock, valued at approximately $5,676,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sands Capital Management LLC acquired a new stake in Carpenter Technology during the fourth quarter worth about $195,731,000. Norges Bank acquired a new position in shares of Carpenter Technology in the 4th quarter valued at approximately $195,254,000. Aspex Management HK Ltd bought a new stake in shares of Carpenter Technology during the 3rd quarter worth approximately $136,215,000. TOMS Capital Investment Management LP bought a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $106,683,000. Finally, UBS Group AG boosted its position in shares of Carpenter Technology by 171.2% during the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company's stock worth $190,951,000 after acquiring an additional 382,865 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $591.27 on Friday. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $605.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The firm has a market capitalization of $29.38 billion, a P/E ratio of 62.24, a P/E/G ratio of 2.06 and a beta of 1.25. The company's 50 day moving average price is $478.82 and its two-hundred day moving average price is $402.51.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same period in the prior year, the business earned $1.88 earnings per share. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Transactions at Carpenter Technology

In other news, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CRS has been the subject of several research analyst reports. KeyCorp boosted their price objective on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a research report on Monday, May 4th. Weiss Ratings lowered Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Susquehanna boosted their price target on Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a report on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, BTIG Research raised their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $458.62.

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

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