WCM Investment Management LLC Has $55.42 Million Stock Position in Carpenter Technology Corporation $CRS

WCM Investment Management LLC increased its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 27.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 200,944 shares of the basic materials company’s stock after purchasing an additional 43,348 shares during the quarter. WCM Investment Management LLC owned approximately 0.40% of Carpenter Technology worth $55,424,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Invesco Ltd. increased its position in shares of Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock worth $381,869,000 after purchasing an additional 570,441 shares in the last quarter. Egerton Capital UK LLP bought a new stake in Carpenter Technology during the 1st quarter worth about $329,727,000. Advent International L.P. grew its holdings in Carpenter Technology by 12.1% during the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company’s stock worth $145,819,000 after acquiring an additional 87,186 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Carpenter Technology by 4.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company’s stock worth $113,114,000 after acquiring an additional 27,123 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Carpenter Technology by 13.9% during the 1st quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company’s stock worth $106,695,000 after acquiring an additional 71,747 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Activity

In related news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction that occurred on 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 transaction, the chief executive officer owned 535,019 shares of the company’s stock, valued at $131,074,304.81. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares in the company, valued at $1,646,243.28. The trade was a 45.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CRS has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b+)” rating on shares of Carpenter Technology in a report on Wednesday, October 8th. BTIG Research reissued a “buy” rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average target price of $278.33.

Carpenter Technology Stock Up 0.1%

Shares of NYSE CRS opened at $242.41 on Thursday. The firm has a market capitalization of $12.08 billion, a PE ratio of 32.67, a price-to-earnings-growth ratio of 1.10 and a beta of 1.46. 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 Corporation has a 1 year low of $138.61 and a 1 year high of $290.84. The firm’s 50-day moving average is $244.60 and its 200-day moving average is $236.46.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.82 EPS. Equities analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid 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 is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is 10.78%.

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.