Redwood Investments LLC Acquires 15,267 Shares of Carpenter Technology Corporation $CRS

Key Points

• Redwood Investments LLC increased its stake in Carpenter Technology Corporation by 90.9%, now holding 32,058 shares valued at approximately $5.81 million.
• CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock, reflecting a 3.43% decrease in ownership, with the total transaction value amounting to nearly $4.65 million.
• Carpenter Technology's recent earnings report showed an EPS of $2.21, exceeding analyst estimates, but revenue fell 5.4% year-over-year at $755.6 million.

Redwood Investments LLC boosted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 90.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 32,058 shares of the basic materials company's stock after buying an additional 15,267 shares during the period. Carpenter Technology makes up 2.2% of Redwood Investments LLC's portfolio, making the stock its 12th largest holding. Redwood Investments LLC owned 0.06% of Carpenter Technology worth $5,808,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of CRS. Mercer Global Advisors Inc. ADV acquired a new position in Carpenter Technology in the 4th quarter valued at about $212,000. BNP Paribas Financial Markets grew its stake in Carpenter Technology by 65.5% in the 4th quarter. BNP Paribas Financial Markets now owns 56,154 shares of the basic materials company's stock valued at $9,530,000 after buying an additional 22,230 shares during the last quarter. Cetera Investment Advisers grew its stake in Carpenter Technology by 13.4% in the 4th quarter. Cetera Investment Advisers now owns 12,048 shares of the basic materials company's stock valued at $2,045,000 after buying an additional 1,423 shares during the last quarter. EP Wealth Advisors LLC grew its stake in Carpenter Technology by 4.6% in the 4th quarter. EP Wealth Advisors LLC now owns 2,168 shares of the basic materials company's stock valued at $368,000 after buying an additional 95 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in Carpenter Technology by 76.5% in the 4th quarter. Deutsche Bank AG now owns 50,540 shares of the basic materials company's stock valued at $8,577,000 after buying an additional 21,899 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CRS shares. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Benchmark upped their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. increased 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. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded down $3.09 on Friday, reaching $240.09. 809,199 shares of the company's stock were exchanged, compared to its average volume of 782,164. The company has a fifty day moving average of $257.68 and a 200-day moving average of $227.86. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $290.84. The company has a market capitalization of $11.97 billion, a price-to-earnings ratio of 32.36, a PEG ratio of 1.11 and a beta of 1.52. 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 issued 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. 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 during the quarter, compared to the consensus estimate of $790.73 million. During the same quarter in the prior year, the firm posted $1.82 EPS. The firm's quarterly revenue was down 5.4% on a year-over-year basis. On average, research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of the company's 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 owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the sale, the director directly owned 180,000 shares of the company's stock, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,124 shares of company stock valued at $6,890,250. Company insiders own 2.90% of the company's stock.

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.