Advisor Resource Council Purchases Shares of 6,016 Carpenter Technology Corporation (NYSE:CRS)

Advisor Resource Council acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 6,016 shares of the basic materials company's stock, valued at approximately $1,090,000.

A number of other hedge funds have also recently bought and sold shares of the company. Retirement Systems of Alabama lifted its position in shares of Carpenter Technology by 0.3% during the first quarter. Retirement Systems of Alabama now owns 60,794 shares of the basic materials company's stock valued at $11,015,000 after purchasing an additional 187 shares in the last quarter. Guided Capital Wealth Management LLC bought a new stake in Carpenter Technology in the 1st quarter worth about $2,031,000. State of Alaska Department of Revenue increased its stake in Carpenter Technology by 2.9% in the 1st quarter. State of Alaska Department of Revenue now owns 5,850 shares of the basic materials company's stock valued at $1,059,000 after buying an additional 165 shares during the last quarter. Mezzasalma Advisors LLC bought a new position in shares of Carpenter Technology during the 1st quarter worth approximately $1,863,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Carpenter Technology by 5.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,283 shares of the basic materials company's stock worth $3,856,000 after buying an additional 1,128 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

NYSE CRS traded down $1.69 during trading on Wednesday, hitting $263.83. 762,130 shares of the company's stock traded hands, compared to its average volume of 778,423. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. The stock has a market capitalization of $13.13 billion, a price-to-earnings ratio of 37.45, a PEG ratio of 1.11 and a beta of 1.37. Carpenter Technology Corporation has a 12-month low of $102.27 and a 12-month high of $268.05. The business has a 50 day moving average of $224.41 and a 200-day moving average of $199.11.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The company had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same period in the prior year, the company posted $1.19 EPS. Carpenter Technology's revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its board has initiated a stock buyback program on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 11.33%.

Insider Transactions at Carpenter Technology

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

Analyst Ratings Changes

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

Carpenter Technology Company 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.