29,993 Shares in Carpenter Technology Corporation $CRS Purchased by Virtus Wealth Solutions LLC

Key Points

• Virtus Wealth Solutions LLC purchased a new stake of 29,993 shares of Carpenter Technology (CRS) in Q4, worth about $9.44 million, representing roughly 1.8% of the firm's portfolio and making CRS its 15th largest holding.
• Analyst sentiment is broadly positive with nine Buy vs. two Hold ratings and a consensus price target of $403.11; notable upgrades include JPMorgan raising its target to $465 and giving an "overweight" rating.
• Carpenter recently beat Q4 estimates with $2.33 EPS (vs. $2.20 expected) and 7.5% revenue growth year-over-year; the company has a market cap of about $21.31 billion, a P/E of 49.7, and pays a quarterly dividend of $0.20 (0.2% yield).

Virtus Wealth Solutions LLC acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 29,993 shares of the basic materials company's stock, valued at approximately $9,443,000. Carpenter Technology makes up about 1.8% of Virtus Wealth Solutions LLC's investment portfolio, making the stock its 15th largest position. Virtus Wealth Solutions LLC owned approximately 0.06% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of CRS. Woodline Partners LP purchased a new position in shares of Carpenter Technology during the first quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after purchasing an additional 1,701 shares in the last quarter. Focus Partners Wealth raised its holdings in Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock valued at $836,000 after buying an additional 314 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Carpenter Technology in the 2nd quarter worth approximately $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Carpenter Technology in the second quarter worth $533,000. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRS. BTIG Research increased their target price on Carpenter Technology from $365.00 to $375.00 and gave the company a "buy" rating in a research note on Friday, January 30th. Susquehanna began coverage on shares of Carpenter Technology in a research note on Tuesday, March 3rd. They issued a "positive" rating and a $470.00 target price on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Wall Street Zen raised Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. Finally, JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $394.00 to $465.00 and gave the stock an "overweight" rating in a report on Monday, April 20th. Nine research 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $403.11.

Carpenter Technology Price Performance

Shares of CRS stock opened at $427.89 on Friday. The firm has a market cap of $21.31 billion, a price-to-earnings ratio of 49.70, a PEG ratio of 1.64 and a beta of 1.24. Carpenter Technology Corporation has a 12 month low of $188.12 and a 12 month high of $459.18. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average price of $400.78 and a 200 day moving average price of $345.57.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million for the quarter, compared to the consensus estimate of $733.76 million. During the same period in the prior year, the company posted $1.66 EPS. The company's revenue was up 7.5% compared to the same quarter last year. Research analysts expect that Carpenter Technology Corporation will post 10.29 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology's dividend payout ratio (DPR) is presently 9.29%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the company's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the sale, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the firm's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares in the company, valued at $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,300 shares of company stock valued at $8,664,044 in the last ninety days. Company insiders own 2.90% of the company's stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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