WCM Investment Management LLC Increases Position in Carpenter Technology Corporation (NYSE:CRS)

WCM Investment Management LLC lifted its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 16.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 157,596 shares of the basic materials company's stock after purchasing an additional 22,840 shares during the quarter. WCM Investment Management LLC owned about 0.32% of Carpenter Technology worth $28,569,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRS. Sanctuary Advisors LLC purchased a new position in Carpenter Technology during the 4th quarter worth approximately $193,000. Mutual of America Capital Management LLC raised its holdings in shares of Carpenter Technology by 250.5% during the fourth quarter. Mutual of America Capital Management LLC now owns 26,330 shares of the basic materials company's stock worth $4,468,000 after purchasing an additional 18,817 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Carpenter Technology by 160.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 767 shares of the basic materials company's stock valued at $128,000 after purchasing an additional 472 shares during the period. Jones Financial Companies Lllp lifted its position in Carpenter Technology by 43.7% during the fourth quarter. Jones Financial Companies Lllp now owns 829 shares of the basic materials company's stock valued at $141,000 after purchasing an additional 252 shares during the period. Finally, State of Michigan Retirement System purchased a new stake in Carpenter Technology in the fourth quarter valued at $2,003,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Price Performance

NYSE CRS traded up $4.83 during trading hours on Friday, reaching $279.88. The company's stock had a trading volume of 626,250 shares, compared to its average volume of 806,943. The firm has a market capitalization of $13.93 billion, a price-to-earnings ratio of 39.64, a P/E/G ratio of 0.94 and a beta of 1.39. The company's 50-day moving average is $239.41 and its two-hundred day moving average is $204.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. Carpenter Technology Corporation has a 1-year low of $105.00 and a 1-year high of $282.99.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same period in the prior year, the company posted $1.19 EPS. The business's quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.29%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology's payout ratio is 11.33%.

Carpenter Technology declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CRS. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Benchmark lifted their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Activity

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the transaction, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

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.