Mezzasalma Advisors LLC Raises Position in Carpenter Technology Corporation $CRS

Key Points

• Mezzasalma Advisors LLC increased its stake in Carpenter Technology Corporation by 14.2% in the second quarter, holding 11,741 shares worth approximately $3.25 million at the end of the reporting period.
• Carpenter Technology recently reported an EPS of $2.21, surpassing analysts' expectations of $2.03, but its quarterly revenue decreased by 5.4% year-over-year, totaling $755.60 million.
• The company declared a quarterly dividend of $0.20 per share, set to be paid on December 4th, with a current dividend yield of 0.3% and a payout ratio of 10.78%.

Mezzasalma Advisors LLC boosted its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 14.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,741 shares of the basic materials company's stock after buying an additional 1,459 shares during the period. Carpenter Technology accounts for about 1.0% of Mezzasalma Advisors LLC's portfolio, making the stock its 27th largest holding. Mezzasalma Advisors LLC's holdings in Carpenter Technology were worth $3,245,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CRS. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Carpenter Technology in the second quarter valued at approximately $3,864,000. William Blair Investment Management LLC acquired a new position in Carpenter Technology in the 2nd quarter valued at $134,790,000. WCM Investment Management LLC lifted its holdings in Carpenter Technology by 27.5% in the 2nd quarter. WCM Investment Management LLC now owns 200,944 shares of the basic materials company's stock valued at $55,424,000 after purchasing an additional 43,348 shares in the last quarter. Tlwm lifted its holdings in Carpenter Technology by 1.1% in the 2nd quarter. Tlwm now owns 10,274 shares of the basic materials company's stock valued at $2,840,000 after purchasing an additional 109 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in Carpenter Technology by 5.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 121,538 shares of the basic materials company's stock worth $33,591,000 after purchasing an additional 5,785 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Down 0.0%

Shares of CRS opened at $238.04 on Friday. 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 Corporation has a 12-month low of $138.61 and a 12-month high of $290.84. The firm has a 50-day moving average price of $244.05 and a 200 day moving average price of $237.58. The firm has a market capitalization of $11.87 billion, a P/E ratio of 32.08, a P/E/G ratio of 1.08 and a beta of 1.46.

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

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology's dividend payout ratio is 10.78%.

Insider Activity

In other 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 transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly owned 535,019 shares in the company, 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 SEC, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the sale, the director directly owned 180,000 shares of the company's stock, valued at $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 in the last quarter. Insiders own 2.90% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CRS. Zacks Research lowered shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Weiss Ratings restated a "buy (b+)" rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

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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