Advisor Resource Council Invests $1.09 Million in Carpenter Technology Corporation (NYSE:CRS)

Advisor Resource Council bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 6,016 shares of the basic materials company's stock, valued at approximately $1,090,000.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in Carpenter Technology by 11.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after acquiring an additional 71 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after purchasing an additional 77 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Carpenter Technology by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock valued at $258,000 after purchasing an additional 78 shares during the period. Mission Wealth Management LP grew its holdings in Carpenter Technology by 4.0% during the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after purchasing an additional 78 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after buying an additional 78 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, Benchmark upped their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $244.75.

Insider Buying and Selling

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the transaction, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $253.19 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. Carpenter Technology Corporation has a 1 year low of $97.84 and a 1 year high of $256.52. The firm's 50-day simple moving average is $220.82 and its 200-day simple moving average is $198.15. The firm has a market cap of $12.60 billion, a PE ratio of 35.86, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.14. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same period in the previous year, the company earned $1.19 earnings per share. Carpenter Technology's quarterly revenue was up 6.1% on a year-over-year basis. Equities analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is currently 11.33%.

Carpenter Technology declared that its Board of Directors has approved a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

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.

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