Diversify Wealth Management LLC Takes Position in Carpenter Technology Corporation $CRS

Diversify Wealth Management LLC bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the first quarter, HoldingsChannel reports. The institutional investor bought 5,291 shares of the basic materials company’s stock, valued at approximately $2,151,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its holdings in Carpenter Technology by 10.1% during the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after purchasing an additional 192,533 shares in the last quarter. Invesco Ltd. lifted its holdings in Carpenter Technology by 18.8% in the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after buying an additional 327,302 shares in the last quarter. Egerton Capital UK LLP boosted its position in Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after buying an additional 178,679 shares during the last quarter. SurgoCap Partners LP boosted its position in Carpenter Technology by 29.5% in the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after buying an additional 272,896 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Carpenter Technology by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after acquiring an additional 78,588 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

Shares of CRS stock opened at $566.58 on Tuesday. The firm has a market cap of $28.15 billion, a P/E ratio of 59.64, a P/E/G ratio of 1.68 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The firm has a fifty day moving average of $515.33 and a two-hundred day moving average of $424.57.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.88 EPS. As a group, research analysts anticipate that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRS. TD Cowen lifted their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Wells Fargo & Company raised their price objective on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. BTIG Research raised their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $527.38.

Insider Activity

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value 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. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by insiders.

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.