Level Four Advisory Services LLC acquired a new stake in shares of Carpenter Technology Co. (NYSE:CRS – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,028 shares of the basic materials company’s stock, valued at approximately $494,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new stake in Carpenter Technology during the 1st quarter valued at approximately $26,000. Tower Research Capital LLC TRC boosted its stake in Carpenter Technology by 124.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 979 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 543 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Carpenter Technology by 479.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,489 shares of the basic materials company’s stock valued at $67,000 after purchasing an additional 1,232 shares during the period. Tompkins Financial Corp bought a new stake in Carpenter Technology during the 1st quarter valued at approximately $74,000. Finally, Point72 Middle East FZE bought a new stake in Carpenter Technology during the 4th quarter valued at approximately $95,000. Institutional investors own 91.86% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently weighed in on CRS. Benchmark increased their target price on Carpenter Technology from $65.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. TD Cowen raised their price objective on Carpenter Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. TheStreet upgraded Carpenter Technology from a “c+” rating to a “b” rating in a research report on Tuesday, June 20th. StockNews.com started coverage on Carpenter Technology in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Northcoast Research started coverage on Carpenter Technology in a research report on Friday, August 25th. They issued a “buy” rating and a $73.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.75.
Check Out Our Latest Stock Report on Carpenter Technology
Insider Transactions at Carpenter Technology
In other news, VP Marshall D. Akins sold 1,500 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $65.00, for a total transaction of $97,500.00. Following the completion of the sale, the vice president now owns 23,008 shares in the company, valued at $1,495,520. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Brian J. Malloy sold 10,372 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $59.69, for a total transaction of $619,104.68. Following the completion of the sale, the senior vice president now owns 51,551 shares in the company, valued at $3,077,079.19. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Marshall D. Akins sold 1,500 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $65.00, for a total value of $97,500.00. Following the sale, the vice president now owns 23,008 shares of the company’s stock, valued at approximately $1,495,520. The disclosure for this sale can be found here. Insiders sold a total of 12,682 shares of company stock worth $765,650 over the last 90 days. 3.50% of the stock is owned by insiders.
Carpenter Technology Trading Down 3.3 %
Shares of CRS opened at $67.02 on Friday. The stock has a fifty day moving average price of $59.60 and a two-hundred day moving average price of $52.12. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.40 and a current ratio of 2.79. Carpenter Technology Co. has a 52-week low of $31.02 and a 52-week high of $71.19. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 58.28 and a beta of 1.78.
Carpenter Technology (NYSE:CRS – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. Carpenter Technology had a return on equity of 4.21% and a net margin of 2.21%. The firm had revenue of $758.10 million during the quarter, compared to the consensus estimate of $743.07 million. The company’s revenue was up 34.5% on a year-over-year basis. Analysts predict that Carpenter Technology Co. will post 3.48 EPS for the current fiscal year.
Carpenter Technology Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Tuesday, August 22nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.19%. Carpenter Technology’s payout ratio is currently 69.57%.
Carpenter Technology Profile
(Free Report)
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.
See Also
Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Co. (NYSE:CRS – Free Report).
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