Russell Investments Group Ltd. Purchases 1,361 Shares of Carpenter Technology Corporation $CRS

Key Points

• Russell Investments Group Ltd. increased its stake in Carpenter Technology Corporation by 3.4%, acquiring an additional 1,361 shares to bring its total to 41,274 shares, valued at approximately $7.48 million.
• Carpenter Technology's stock is currently down 2.2% and reported $2.21 EPS last quarter, surpassing expectations but with revenue declining 5.4% year-over-year.
• The company has authorized a $400 million share repurchase plan, signaling that the board believes its shares are undervalued.

Russell Investments Group Ltd. boosted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 3.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,274 shares of the basic materials company's stock after purchasing an additional 1,361 shares during the period. Russell Investments Group Ltd. owned about 0.08% of Carpenter Technology worth $7,478,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. IMA Advisory Services Inc. bought a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $36,000. Bessemer Group Inc. raised its stake in shares of 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 acquiring an additional 77 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter worth about $44,000. Strategic Investment Solutions Inc. IL purchased a new stake in Carpenter Technology in the first quarter worth about $49,000. Finally, Versant Capital Management Inc lifted its holdings in shares of 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 institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Benchmark raised their target price 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. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock 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 given a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Down 1.0%

Shares of NYSE CRS traded down $2.3240 during trading on Monday, hitting $241.5660. 661,021 shares of the company traded hands, compared to its average volume of 942,993. 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 Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84. The business's fifty day moving average is $264.36 and its 200 day moving average is $223.47. The firm has a market capitalization of $12.04 billion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 1.13 and a beta of 1.44.

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 the consensus estimate of $2.03 by $0.18. The company 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 quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.82 earnings per share. Equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction on 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 of the company's stock, valued at $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 have sold a total of 25,691 shares of company stock worth $6,290,207 in the last 90 days. 2.90% of the stock is owned by company insiders.

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.