Diversify Wealth Management LLC Takes $2.15 Million Position in Carpenter Technology Corporation $CRS

Diversify Wealth Management LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,291 shares of the basic materials company’s stock, valued at approximately $2,151,000.

Other large investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology during the 1st quarter worth about $30,000. SJS Investment Consulting Inc. boosted its position in shares of Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 36 shares during the last quarter. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology in the second quarter valued at approximately $28,000. Armstrong Advisory Group Inc. grew 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 purchasing an additional 43 shares during the period. Finally, Spire Wealth Management increased its position in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on CRS. JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. KeyCorp upped their price objective on Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. 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. BTIG Research increased their target price on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Susquehanna lifted their target price on Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $527.38.

Carpenter Technology Trading Down 2.1%

NYSE CRS opened at $566.58 on Tuesday. The firm has a market capitalization of $28.15 billion, a price-to-earnings ratio of 59.64, a PEG ratio of 1.68 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The company’s 50 day moving average price is $515.33 and its 200 day moving average price is $424.57.

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

Carpenter Technology Dividend Announcement

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

Insiders Place Their Bets

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction dated 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 in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the company’s 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 of the company’s stock, valued at $317,895. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by corporate 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.