Carpenter Technology Corporation $CRS Shares Acquired by Sei Investments Co.

Key Points

• Sei Investments Co. increased its ownership in Carpenter Technology by 4.1%, acquiring an additional 4,194 shares, bringing its total stake to 107,413 shares valued at approximately $18,281,000.
• The company's quarterly earnings per share (EPS) was reported at $2.21, surpassing analysts' estimates of $2.03, though revenue for the quarter declined by 5.4% year-over-year.
• Carpenter Technology has announced a $400 million share repurchase plan, an indication that the management believes the stock may be undervalued, along with a quarterly dividend of $0.20 per share.

Sei Investments Co. raised its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 107,413 shares of the basic materials company's stock after purchasing an additional 4,194 shares during the quarter. Sei Investments Co. owned about 0.22% of Carpenter Technology worth $18,281,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. IMA Advisory Services Inc. purchased a new stake in Carpenter Technology during the first quarter worth about $36,000. Bessemer Group Inc. boosted 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 worth $42,000 after buying an additional 77 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in Carpenter Technology during the fourth quarter worth about $44,000. Strategic Investment Solutions Inc. IL purchased a new stake in Carpenter Technology during the first quarter worth about $49,000. Finally, Versant Capital Management Inc boosted 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 worth $65,000 after buying an additional 77 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.90% of the company's stock.

Carpenter Technology Trading Up 1.3%

NYSE:CRS traded up $3.04 during trading hours on Monday, reaching $246.20. 626,686 shares of the company were exchanged, compared to its average volume of 916,908. The stock has a 50 day simple moving average of $265.06 and a 200 day simple moving average of $221.32. Carpenter Technology Corporation has a 52-week low of $129.57 and a 52-week high of $290.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The firm has a market cap of $12.27 billion, a price-to-earnings ratio of 33.18, a PEG ratio of 1.12 and a beta of 1.44.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating 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 business had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. During the same quarter last year, the firm posted $1.82 EPS. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology declared that its board has approved a stock buyback plan on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The company also recently declared 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. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of research analyst reports. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a report 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 report on Monday, June 9th. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Finally, Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

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.