Wellington Management Group LLP Raises Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Wellington Management Group LLP increased its stake in Carpenter Technology Corporation by 3.8%, now holding 258,504 shares worth approximately $46.8 million.
• Analysts have upgraded Carpenter Technology's stock ratings, with target prices now ranging from $278.33 to $305.00, indicating a consensus rating of "Moderate Buy."
• Carpenter Technology announced a quarterly dividend of $0.20, with an annual yield of 0.3%, set to be paid on September 4th.

Wellington Management Group LLP boosted its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 3.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 258,504 shares of the basic materials company's stock after buying an additional 9,409 shares during the quarter. Wellington Management Group LLP owned approximately 0.52% of Carpenter Technology worth $46,836,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CRS. Mariner LLC increased its holdings in Carpenter Technology by 6.0% in the fourth quarter. Mariner LLC now owns 6,485 shares of the basic materials company's stock valued at $1,101,000 after buying an additional 366 shares during the last quarter. State of Tennessee Department of Treasury increased its holdings in Carpenter Technology by 33.4% in the fourth quarter. State of Tennessee Department of Treasury now owns 32,428 shares of the basic materials company's stock valued at $5,503,000 after buying an additional 8,113 shares during the last quarter. Stifel Financial Corp increased its holdings in Carpenter Technology by 2.3% in the fourth quarter. Stifel Financial Corp now owns 11,533 shares of the basic materials company's stock valued at $1,958,000 after buying an additional 260 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Carpenter Technology by 509.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 209,486 shares of the basic materials company's stock valued at $35,553,000 after buying an additional 175,101 shares during the last quarter. Finally, Voya Investment Management LLC increased its holdings in Carpenter Technology by 905.7% in the fourth quarter. Voya Investment Management LLC now owns 323,831 shares of the basic materials company's stock valued at $54,957,000 after buying an additional 291,631 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS traded down $1.73 during mid-day trading on Friday, hitting $240.83. 632,300 shares of the company's stock were exchanged, compared to its average volume of 864,842. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84. The firm has a market capitalization of $12.01 billion, a P/E ratio of 32.46, a P/E/G ratio of 1.10 and a beta of 1.44. The business's 50 day moving average is $263.51 and its two-hundred day moving average is $224.45. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $790.73 million. During the same quarter in the prior year, the firm earned $1.82 earnings per share. The business's quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,691 shares of company stock worth $6,290,207. Company insiders own 2.90% of the company's stock.

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.