6,600 Shares in Carpenter Technology Corporation $CRS Purchased by Strs Ohio

Key Points

• Strs Ohio has acquired a new position in Carpenter Technology Corporation with an investment of approximately $1.20 million, buying 6,600 shares.
• Multiple large investors, including Egerton Capital UK LLP and GAMMA Investing LLC, have also increased their stakes in Carpenter Technology, indicating strong interest in the stock.
• Carpenter Technology reported a quarterly earnings per share of $2.21, outperforming expectations, despite a year-over-year revenue decline.

Strs Ohio purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,600 shares of the basic materials company's stock, valued at approximately $1,196,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Carpenter Technology in the 1st quarter worth $31,000. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology in the 1st quarter worth $36,000. Bessemer Group Inc. boosted its stake in shares of Carpenter Technology by 50.3% in 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 last quarter. Ameriflex Group Inc. purchased a new position in shares of Carpenter Technology in the 4th quarter worth $44,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Carpenter Technology during the first quarter valued at $49,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Carpenter Technology

In other 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 value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares in the company, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Price Performance

NYSE:CRS traded down $7.22 on Friday, reaching $239.52. 3,772,191 shares of the company's stock traded hands, compared to its average volume of 915,868. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The stock has a 50-day simple moving average of $254.20 and a 200-day simple moving average of $229.51. The firm has a market cap of $11.94 billion, a PE ratio of 32.28, a P/E/G ratio of 1.09 and a beta of 1.53. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly 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. The business had revenue of $755.60 million for 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%.The business's quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $1.82 earnings per share. Equities research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

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

Carpenter Technology 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.