Clearwave Capital LLC Purchases New Holdings in Carpenter Technology Corporation $CRS

Clearwave Capital LLC acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,069 shares of the basic materials company’s stock, valued at approximately $422,000.

A number of other institutional investors have also recently modified their holdings of the stock. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology during the second quarter worth about $28,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Carpenter Technology during the 1st quarter worth $30,000. SJS Investment Consulting Inc. increased its holdings in Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. increased its holdings 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 worth $37,000 after purchasing an additional 43 shares in the last quarter. Finally, Spire Wealth Management raised its position in 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 last quarter. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. TD Cowen lifted their target price on Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Finally, Susquehanna lifted their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus price target of $481.75.

Carpenter Technology Trading Down 4.5%

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

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. The business 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%.The business’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.88 earnings per share. Research analysts anticipate 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. Investors of record on Tuesday, April 28th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s payout ratio is 8.42%.

Insider Buying and Selling at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred 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 transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction on Monday, May 4th. The shares were 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. 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 currently owned by corporate insiders.

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.