Next Century Growth Investors LLC Boosts Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Next Century Growth Investors LLC increased its holdings in Carpenter Technology Corporation by 20.7% during Q1, acquiring an additional 12,751 shares, bringing its total to 74,209 shares valued at approximately $13.4 million.
• Carpenter Technology reported earnings of $2.21 per share for the last quarter, surpassing analyst expectations of $2.03, despite revenue declining by 5.4% year-over-year.
• The company announced a quarterly dividend of $0.20, representing an annualized yield of 0.3%, with an upcoming payment date on September 4th.

Next Century Growth Investors LLC raised its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 20.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 74,209 shares of the basic materials company's stock after acquiring an additional 12,751 shares during the period. Carpenter Technology makes up approximately 1.2% of Next Century Growth Investors LLC's holdings, making the stock its 28th biggest position. Next Century Growth Investors LLC owned approximately 0.15% of Carpenter Technology worth $13,445,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Invesco Ltd. lifted its stake in Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock valued at $381,869,000 after acquiring an additional 570,441 shares during the period. Egerton Capital UK LLP bought a new position in shares of Carpenter Technology in the 1st quarter worth approximately $329,727,000. SurgoCap Partners LP lifted its stake in shares of 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 lifted its stake in shares of Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock worth $147,648,000 after purchasing an additional 210,000 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Carpenter Technology by 21.0% in the 4th quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock worth $115,291,000 after purchasing an additional 117,759 shares during the period. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS traded down $2.67 during mid-day trading on Tuesday, reaching $238.21. The stock had a trading volume of 241,975 shares, compared to its average volume of 906,071. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 32.10, a PEG ratio of 1.10 and a beta of 1.53. Carpenter Technology Corporation has a 12 month low of $129.57 and a 12 month high of $290.84. The business has a fifty day moving average of $263.10 and a 200 day moving average of $225.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million during 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%. The company's revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 earnings per share. Equities analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis 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 10.78%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares of the company's stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,691 shares of company stock valued at $6,290,207 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Finally, Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.