Brookstone Capital Management Invests $2.88 Million in Carpenter Technology Corporation $CRS

Key Points

• Brookstone Capital Management initiated a new stake in Carpenter Technology, buying 7,297 shares worth about $2.88 million in the first quarter.
• Carpenter Technology reported better-than-expected quarterly earnings of $2.77 per share, topping estimates, while revenue rose 11.6% from a year earlier. Analysts still expect the company to earn 10.56 EPS for the full year.
• Analyst sentiment remains broadly positive, with eight Buy ratings and two Hold ratings and a consensus price target of $458.62, though the stock was recently trading above that level at $581.72.

Brookstone Capital Management bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,297 shares of the basic materials company's stock, valued at approximately $2,876,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CRS. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology in the 2nd quarter worth approximately $28,000. Armstrong Advisory Group Inc. grew its stake in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock valued at $37,000 after buying an additional 43 shares in the last quarter. Spire Wealth Management increased its stake in shares of Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after purchasing an additional 84 shares during the last quarter. Headlands Technologies LLC acquired a new position in Carpenter Technology during the second quarter worth $43,000. Finally, Rakuten Securities Inc. acquired a new stake in Carpenter Technology in the 2nd quarter worth approximately $45,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $581.72 on Thursday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $597.52. The company has a market cap of $28.91 billion, a PE ratio of 61.23, a PEG ratio of 1.99 and a beta of 1.25. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company's 50-day moving average is $472.42 and its two-hundred day moving average is $399.15.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. The firm had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.88 EPS. Equities analysts anticipate that Carpenter Technology Corporation will post 10.56 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a $0.20 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology's dividend payout ratio (DPR) is 8.42%.

Analyst Ratings Changes

CRS has been the subject of a number of recent analyst reports. TD Cowen upped their price target on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. Wells Fargo & Company lifted their price objective on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a report on Monday, May 4th. Weiss Ratings cut shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. Finally, KeyCorp raised their price target on Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a report on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $458.62.

Insider Buying and Selling at Carpenter Technology

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

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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