Tyro Capital Management LLC Has $31 Million Stock Holdings in Carpenter Technology Corporation $CRS

Key Points

• Tyro Capital raised its stake in Carpenter Technology by 62.5% in Q3 to 126,250 shares (about $31.0M), making CRS its 4th-largest holding and representing roughly 0.25% of Carpenter's shares.
• Significant insider selling occurred recently — insiders sold 70,118 shares worth $23.2M in the last quarter (including sales by the COO and a director), leaving insiders with 2.90% ownership while institutions own 92.03%.
• Carpenter beat quarterly EPS estimates ($2.33 vs. $2.20) with revenue up 7.5% year-over-year; the stock trades near $395, has a ~$19.7B market cap, and most analysts rate it a Buy (consensus target ~$385.50, some targets higher).

Tyro Capital Management LLC raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 62.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,250 shares of the basic materials company's stock after buying an additional 48,576 shares during the period. Carpenter Technology comprises about 11.5% of Tyro Capital Management LLC's investment portfolio, making the stock its 4th biggest position. Tyro Capital Management LLC owned 0.25% of Carpenter Technology worth $30,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in CRS. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology during the 2nd quarter worth $28,000. Root Financial Partners LLC bought a new position in Carpenter Technology in the third quarter valued at $41,000. MassMutual Private Wealth & Trust FSB increased its stake in Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 60 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Carpenter Technology during the second quarter valued at about $43,000. Finally, Rakuten Securities Inc. purchased a new stake in Carpenter Technology during the second quarter valued at about $45,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Buying and Selling at Carpenter Technology

In other news, COO Brian J. Malloy sold 4,130 shares of the company's stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the completion of the transaction, the chief operating officer directly owned 78,875 shares of the company's stock, valued at approximately $23,940,140. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director owned 225,381 shares of the company's stock, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 70,118 shares of company stock valued at $23,218,393 in the last quarter. Company insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $395.41 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $412.31. The business's 50 day simple moving average is $354.68 and its two-hundred day simple moving average is $308.25. The stock has a market capitalization of $19.70 billion, a P/E ratio of 45.93, a price-to-earnings-growth ratio of 1.52 and a beta of 1.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same quarter in the prior year, the firm posted $1.66 earnings per share. The business's quarterly revenue was up 7.5% compared to the same quarter last year. Analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology's dividend payout ratio is presently 9.29%.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of research reports. Wall Street Zen upgraded Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. TD Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Friday, November 14th. Weiss Ratings restated a "buy (b)" rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Susquehanna initiated coverage on Carpenter Technology in a research note on Tuesday, March 3rd. They issued a "positive" rating and a $470.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an "overweight" rating in a research report on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $385.50.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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