Cvfg LLC Invests $5.46 Million in Carpenter Technology Corporation $CRS

Cvfg LLC acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 13,855 shares of the basic materials company’s stock, valued at approximately $5,461,000.

Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology during the 2nd quarter valued at about $28,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology during the first quarter worth about $30,000. SJS Investment Consulting Inc. increased its holdings in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. increased its holdings in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 43 shares in the last quarter. Finally, Spire Wealth Management raised its position in shares of Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CRS. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. KeyCorp lifted their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. TD Cowen boosted their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Wells Fargo & Company upped their target price on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Finally, JPMorgan Chase & Co. raised their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus price target of $481.75.

Insider Buying and Selling at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Down 4.5%

Shares of CRS opened at $591.39 on Wednesday. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $29.39 billion, a price-to-earnings ratio of 62.25, a PEG ratio of 1.82 and a beta of 1.22. The stock’s 50-day moving average price is $502.69 and its 200-day moving average price is $417.46.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. During the same period last year, the business earned $1.88 earnings per share. Carpenter Technology’s quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s payout ratio is 8.42%.

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.