Night Owl Capital Management LLC Grows Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Night Owl Capital Management LLC increased its stake in Carpenter Technology Corporation by 4.8%, acquiring an additional 2,256 shares, bringing its total ownership to approximately $8.94 million.
• Carpenter Technology recently reported $2.21 earnings per share, exceeding estimates, although revenue declined by 5.4% year-on-year to $755.60 million.
• The company announced a quarterly dividend of $0.20 per share, translating to an annual yield of 0.3%, with a payout ratio of 10.78%.

Night Owl Capital Management LLC grew its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,332 shares of the basic materials company's stock after buying an additional 2,256 shares during the quarter. Carpenter Technology accounts for 1.1% of Night Owl Capital Management LLC's holdings, making the stock its 22nd largest holding. Night Owl Capital Management LLC owned about 0.10% of Carpenter Technology worth $8,938,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CRS. Invesco Ltd. increased its position 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 buying an additional 570,441 shares in the last quarter. Egerton Capital UK LLP acquired a new position in shares of Carpenter Technology in the first quarter valued at about $329,727,000. SurgoCap Partners LP increased its holdings in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after purchasing an additional 779,357 shares during the period. Advent International L.P. grew its holdings in Carpenter Technology by 12.1% during the first quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock worth $145,819,000 after acquiring an additional 87,186 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in Carpenter Technology by 4.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock worth $113,114,000 after acquiring an additional 27,123 shares during the period. 92.03% of the stock is owned by institutional investors.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 5,691 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total value 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 represents a 45.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction dated 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 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 company insiders.

Carpenter Technology Stock Up 0.4%

NYSE:CRS traded up $0.88 during midday trading on Wednesday, reaching $245.62. The company had a trading volume of 185,467 shares, compared to its average volume of 906,313. The firm has a market capitalization of $12.24 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 1.15 and a beta of 1.52. The stock's fifty day simple moving average is $259.75 and its 200-day simple moving average is $226.94. Carpenter Technology Corporation has a 12-month low of $131.12 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 released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.Carpenter Technology's revenue was down 5.4% compared to the same quarter last year. During the same period last year, the business posted $1.82 earnings per share. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology's dividend payout ratio is 10.78%.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of recent analyst reports. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark raised their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.