Clearwave Capital LLC Takes $422,000 Position in Carpenter Technology Corporation $CRS

Clearwave Capital LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS) during the first quarter, Holdings Channel.com reports. The fund bought 1,069 shares of the basic materials company’s stock, valued at approximately $422,000.

A number of other institutional investors have also added to or reduced their stakes in CRS. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology during the 1st quarter valued at about $30,000. SJS Investment Consulting Inc. boosted its stake in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after buying an additional 36 shares in the last quarter. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology in the 2nd quarter worth $28,000. Armstrong Advisory Group Inc. boosted its holdings in Carpenter Technology by 57.3% during the 4th 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 during the period. Finally, Spire Wealth Management grew its holdings in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Down 4.5%

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

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. The company had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.88 earnings per share. On average, analysts anticipate that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

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

Wall Street Analyst Weigh In

CRS has been the subject of a number of recent analyst reports. TD Cowen upped their price target on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Susquehanna increased their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $481.75.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction that occurred 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 directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.