Alpha Wave Global LP Grows Stock Position in Carpenter Technology Corporation $CRS

Alpha Wave Global LP boosted its holdings in Carpenter Technology Corporation (NYSE:CRS) by 177.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 29,192 shares of the basic materials company’s stock after acquiring an additional 18,688 shares during the period. Carpenter Technology accounts for about 0.9% of Alpha Wave Global LP’s investment portfolio, making the stock its 13th largest position. Alpha Wave Global LP owned about 0.06% of Carpenter Technology worth $8,068,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in shares of Carpenter Technology in the first quarter valued at about $31,000. MAI Capital Management raised its position in shares of Carpenter Technology by 118.8% during the 2nd quarter. MAI Capital Management now owns 221 shares of the basic materials company’s stock worth $61,000 after purchasing an additional 120 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $71,000. Quantbot Technologies LP purchased a new stake in Carpenter Technology in the 2nd quarter valued at approximately $80,000. Finally, Hantz Financial Services Inc. lifted its stake in Carpenter Technology by 1,657.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 334 shares of the basic materials company’s stock valued at $92,000 after buying an additional 315 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Trading Up 1.7%

Shares of CRS stock opened at $315.66 on Friday. The firm’s 50-day simple moving average is $290.60 and its 200-day simple moving average is $266.35. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $342.11. The firm has a market cap of $15.73 billion, a P/E ratio of 38.59, a PEG ratio of 1.30 and a beta of 1.31.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. Carpenter Technology’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.73 earnings per share. As a group, equities analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is presently 9.78%.

Insider Buying and Selling at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the transaction, the director directly owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Elizabeth A. Socci sold 3,900 shares of Carpenter Technology stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the transaction, the vice president owned 9,594 shares in the company, valued at $3,082,072.50. The trade was a 28.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRS. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Jones Trading began coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price objective for the company. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. BTIG Research upped their target price on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a report on Monday, October 27th. Finally, Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $371.14.

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.