Brookstone Capital Management Makes New Investment in Carpenter Technology Corporation $CRS

Brookstone Capital Management bought a new stake in Carpenter Technology Corporation (NYSE:CRS) during the first quarter, HoldingsChannel reports. The firm bought 7,297 shares of the basic materials company’s stock, valued at approximately $2,876,000.

Several other large investors have also recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new position in Carpenter Technology in the second quarter valued at approximately $28,000. Armstrong Advisory Group Inc. raised its stake in Carpenter Technology by 57.3% in 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. Spire Wealth Management raised its position 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 valued at $42,000 after purchasing an additional 84 shares during the period. Headlands Technologies LLC bought a new stake in shares of Carpenter Technology during the 2nd quarter worth about $43,000. Finally, Rakuten Securities Inc. bought a new stake in shares of Carpenter Technology during the second quarter worth approximately $45,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRS shares. BTIG Research lifted their target price on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, TD Cowen upped their price objective on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $458.62.

Insider Transactions at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the sale, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 750 shares in the company, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Trading Up 0.6%

NYSE:CRS opened at $581.72 on Thursday. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $597.52. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The firm’s fifty day moving average is $472.42 and its 200-day moving average is $399.15. The firm has a market cap of $28.91 billion, a P/E ratio of 61.23, a P/E/G ratio of 1.99 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Carpenter Technology’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 earnings per share. Equities analysts expect that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently announced 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 dividend yield of 0.1%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s payout ratio is presently 8.42%.

About Carpenter Technology

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.