HB Wealth Management LLC Makes New Investment in Carpenter Technology Corporation $CRS

HB Wealth Management LLC bought a new position in Carpenter Technology Corporation (NYSE:CRS) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 1,042 shares of the basic materials company’s stock, valued at approximately $288,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of Carpenter Technology in the 1st quarter worth $31,000. IMA Advisory Services Inc. acquired a new stake in shares of Carpenter Technology in the 1st quarter worth $36,000. Bessemer Group Inc. increased its stake in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 77 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carpenter Technology during the 1st quarter worth about $49,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology during the 1st quarter worth about $71,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Weiss Ratings reissued a “buy (b+)” rating on shares of Carpenter Technology in a research report on Saturday, September 27th. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 17th. BTIG Research reissued a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. Finally, Benchmark raised their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $278.33.

Insider Activity

In other news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the transaction, the director owned 6,732 shares in the company, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director owned 180,000 shares of the company’s stock, valued at $44,240,400. The trade was a 1.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Shares of CRS opened at $251.95 on Tuesday. The stock has a 50-day simple moving average of $246.54 and a 200-day simple moving average of $234.27. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The stock has a market capitalization of $12.56 billion, a PE ratio of 33.96, a PEG ratio of 1.12 and a beta of 1.46. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $290.84.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The business had revenue of $755.60 million during the quarter, compared to analysts’ expectations of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.82 EPS. On average, analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology’s dividend payout ratio (DPR) is presently 10.78%.

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.