Private Advisor Group LLC Buys 1,403 Shares of Carpenter Technology Corporation $CRS

Private Advisor Group LLC boosted its position in Carpenter Technology Corporation (NYSE:CRS) by 57.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,862 shares of the basic materials company’s stock after acquiring an additional 1,403 shares during the period. Private Advisor Group LLC’s holdings in Carpenter Technology were worth $1,522,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ion Asset Management Ltd. purchased a new position in Carpenter Technology during the 3rd quarter valued at about $4,027,000. Kinetic Partners Management LP raised its position in Carpenter Technology by 15.5% in the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock worth $94,901,000 after buying an additional 51,800 shares during the last quarter. Dorsey Wright & Associates bought a new stake in Carpenter Technology in the 3rd quarter worth approximately $9,280,000. Jain Global LLC grew its holdings in shares of Carpenter Technology by 322.9% in the third quarter. Jain Global LLC now owns 105,640 shares of the basic materials company’s stock worth $25,939,000 after acquiring an additional 80,661 shares during the period. Finally, Covestor Ltd increased its position in shares of Carpenter Technology by 334.3% during the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock valued at $1,099,000 after purchasing an additional 2,688 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

NYSE CRS traded down $12.16 during trading hours on Friday, reaching $578.78. The company’s stock had a trading volume of 515,330 shares, compared to its average volume of 862,748. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year 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 $28.76 billion, a price-to-earnings ratio of 60.92, a PEG ratio of 1.68 and a beta of 1.22. The firm’s 50-day moving average price is $512.58 and its 200-day moving average price is $422.29.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data 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. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same period last year, the firm posted $1.88 EPS. The company’s revenue was up 11.6% on a year-over-year basis. On average, equities research analysts predict that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

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

Analysts Set New Price Targets

CRS has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. TD Cowen lifted their target price on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. BTIG Research increased their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. KeyCorp raised their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings cut shares of 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $504.88.

Insider Activity

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction dated 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 completion of the transaction, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction dated 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 sale, 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 SEC filing for this sale provides additional information. 2.90% of the stock is owned by corporate insiders.

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.