Redwood Investments LLC Has $5.81 Million Stock Position in 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 grew 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 Securities & Exchange Commission. The firm owned 32,058 shares of the basic materials company's stock after purchasing an additional 15,267 shares during the quarter. Carpenter Technology comprises approximately 2.2% of Redwood Investments LLC's holdings, 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 SEC filing.

Other large investors also recently made changes to their positions in the company. Stratos Wealth Partners LTD. lifted its stake in shares of Carpenter Technology by 22.9% in the 1st quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock valued at $538,000 after purchasing an additional 553 shares during the period. Bessemer Group Inc. raised its stake in Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after buying an additional 3,467 shares during the period. Fifth Third Bancorp raised its stake in Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after buying an additional 78 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new stake in Carpenter Technology during the 1st quarter worth $678,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Buying and Selling

In related news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction dated 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 owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology 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 transaction, the director owned 6,732 shares of the company's stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,691 shares of company stock worth $6,290,207. Company insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $247.54 on Monday. The stock has a market capitalization of $12.34 billion, a price-to-earnings ratio of 33.36, a PEG ratio of 1.13 and a beta of 1.53. The business has a 50-day moving average of $260.77 and a 200-day moving average of $226.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million during the quarter, compared to analysts' expectations 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 for the quarter was down 5.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.82 EPS. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Analysts Set New Price Targets

CRS has been the topic of several research analyst reports. Benchmark raised their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Four investment 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, Carpenter Technology presently has a consensus 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.

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