Maven Securities LTD Makes New Investment in Carpenter Technology Corporation $CRS

Key Points

• Maven Securities LTD purchased 12,368 shares of Carpenter Technology Corporation, valued at approximately $2.24 million, as reported in their recent 13F filing.
• The company's recent quarterly earnings showed an EPS of $2.21, exceeding analysts' estimates, but its revenue fell 5.4% year-over-year.
• Carpenter Technology announced a $400 million share buyback plan and a quarterly dividend of $0.20 per share, reflecting confidence in its stock value.

Maven Securities LTD acquired a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,368 shares of the basic materials company's stock, valued at approximately $2,241,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in Carpenter Technology by 37.1% in the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after purchasing an additional 570,441 shares during the period. Egerton Capital UK LLP purchased a new stake in Carpenter Technology in the 1st quarter worth about $329,727,000. SurgoCap Partners LP raised its position in Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after purchasing an additional 779,357 shares during the period. Third Point LLC increased its position in shares of Carpenter Technology by 31.8% during the fourth quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock worth $147,648,000 after acquiring an additional 210,000 shares during the period. Finally, Northern Trust Corp increased its position in shares of Carpenter Technology by 21.0% during the fourth quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock worth $115,291,000 after acquiring an additional 117,759 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Up 1.0%

CRS stock traded up $2.4910 during trading on Friday, hitting $243.8210. 1,015,393 shares of the company's stock traded hands, compared to its average volume of 921,271. The firm has a market capitalization of $12.15 billion, a P/E ratio of 32.86, a PEG ratio of 1.12 and a beta of 1.44. The business has a fifty day simple moving average of $264.52 and a two-hundred day simple moving average of $222.66. 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 1 year low of $129.57 and a 1 year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. Carpenter Technology's revenue was down 5.4% compared to the same quarter last year. During the same period last year, the company posted $1.82 earnings per share. Sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 26th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology 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 transaction, the director directly owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,691 shares of company stock valued at $6,290,207 over the last ninety days. 2.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRS. Benchmark raised their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus 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.