AGP Franklin LLC Lowers Stock Position in Carpenter Technology Corporation $CRS

AGP Franklin LLC decreased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 59.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,114 shares of the basic materials company’s stock after selling 7,611 shares during the period. AGP Franklin LLC’s holdings in Carpenter Technology were worth $2,016,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $28,000. Armstrong Advisory Group Inc. lifted its holdings in Carpenter Technology by 57.3% in 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 during the period. Spire Wealth Management boosted its position in shares of Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth $43,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Carpenter Technology during the 2nd quarter worth $45,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

CRS stock opened at $588.07 on Tuesday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year 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 stock’s 50 day moving average price is $466.78 and its 200 day moving average price is $395.38. The firm has a market cap of $29.22 billion, a P/E ratio of 61.90, a PEG ratio of 2.02 and a beta of 1.25.

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

Carpenter Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRS. BTIG Research increased their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. KeyCorp boosted their price objective on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a report on Monday, May 4th. Wells Fargo & Company upped their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Eight 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 stock currently has an average rating of “Moderate Buy” and an average price target of $458.62.

Insiders Place Their Bets

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