Price T Rowe Associates Inc. MD Boosts Position in Carpenter Technology Corporation $CRS

Key Points

• Price T Rowe Associates increased its stake in Carpenter Technology Corporation by 85.1% during the first quarter, owning approximately 0.78% of the company valued at $70.26 million.
• Carpenter Technology reported an EPS of $2.21 for the last quarter, surpassing estimates, but experienced a 5.4% decline in quarterly revenue compared to the previous year.
• The company declared a quarterly dividend of $0.20, set to be paid on September 4th, with an annual yield of 0.3%.

Price T Rowe Associates Inc. MD boosted its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 85.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 387,788 shares of the basic materials company's stock after acquiring an additional 178,302 shares during the period. Price T Rowe Associates Inc. MD owned 0.78% of Carpenter Technology worth $70,261,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology in the first quarter worth approximately $36,000. Bessemer Group Inc. lifted its holdings in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 77 shares in the last quarter. Ameriflex Group Inc. purchased a new position in Carpenter Technology during the fourth quarter valued at approximately $44,000. Strategic Investment Solutions Inc. IL purchased a new position in Carpenter Technology during the first quarter valued at approximately $49,000. Finally, Versant Capital Management Inc lifted its holdings in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after purchasing an additional 77 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carpenter Technology

In related news, 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 value of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred 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. Over the last ninety days, insiders sold 25,691 shares of company stock valued at $6,290,207. 2.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on CRS shares. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Benchmark lifted their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $278.33.

Carpenter Technology Price Performance

Carpenter Technology stock traded down $1.73 during mid-day trading on Friday, reaching $240.83. 632,300 shares of the company's stock traded hands, compared to its average volume of 864,842. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 32.46, a PEG ratio of 1.10 and a beta of 1.44. The stock has a 50 day moving average of $263.51 and a two-hundred day moving average of $224.45. 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 12-month low of $129.57 and a 12-month high of $290.84.

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

Carpenter Technology Dividend Announcement

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

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.