Axxcess Wealth Management LLC Purchases 3,048 Shares of Carpenter Technology Corporation $CRS

Key Points

• Axxcess Wealth Management boosted its stake in Carpenter Technology by 221.2% in the fourth quarter, buying 3,048 additional shares and bringing its total holdings to 4,426 shares worth about $1.39 million.
• Carpenter Technology reported strong quarterly earnings of $2.77 per share, beating analyst estimates, though revenue of $655.6 million came in below expectations even as sales rose 11.6% year over year.
• Analysts remain broadly constructive on the stock, with nine Buy ratings and two Holds and a consensus price target of $441, while the company also recently announced a quarterly dividend of $0.20 per share.

Axxcess Wealth Management LLC raised its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 221.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,426 shares of the basic materials company's stock after acquiring an additional 3,048 shares during the quarter. Axxcess Wealth Management LLC's holdings in Carpenter Technology were worth $1,394,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at about $28,000. Armstrong Advisory Group Inc. grew its stake in Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after purchasing an additional 43 shares during the period. Root Financial Partners LLC acquired a new stake in Carpenter Technology during the third quarter worth approximately $41,000. Spire Wealth Management increased its holdings in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after purchasing an additional 84 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Carpenter Technology in the second quarter worth approximately $43,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 0.0%

Shares of Carpenter Technology stock opened at $434.10 on Tuesday. The stock has a market capitalization of $21.57 billion, a PE ratio of 45.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. Carpenter Technology Corporation has a 52 week low of $219.58 and a 52 week high of $475.69. The stock has a 50 day moving average price of $414.30 and a two-hundred day moving average price of $367.15. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same period in the prior year, the firm earned $1.88 earnings per share. Carpenter Technology's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Carpenter Technology Corporation will post 10.49 earnings per share for the current fiscal 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 issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology's dividend payout ratio is presently 8.42%.

Analysts Set New Price Targets

CRS has been the subject of several recent analyst reports. Wall Street Zen raised shares of Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, January 31st. Wells Fargo & Company boosted their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. KeyCorp raised their price target on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Carpenter Technology currently has an average rating of "Moderate Buy" and a consensus price target of $441.00.

Insiders Place Their Bets

In other news, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director directly owned 750 shares of the company's stock, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Marshall D. Akins sold 11,815 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by company insiders.

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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