Carpenter Technology Corporation $CRS Position Cut by Benjamin Edwards Inc.

Key Points

• Benjamin Edwards Inc. cut its Carpenter Technology stake sharply in the fourth quarter, selling 3,441 shares and reducing its position by 79.4% to 894 shares worth about $282,000.
• Insiders have also been selling shares, including VP Marshall D. Akins and Director Steven E. Karol; over the last 90 days, insiders sold 34,865 shares valued at $14.2 million.
• Analyst sentiment remains bullish, with nine Buy ratings and two Holds, and an average price target of $438.78; the company also beat EPS estimates in its latest quarterly report and raised its revenue year over year.

Benjamin Edwards Inc. trimmed its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 79.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 894 shares of the basic materials company's stock after selling 3,441 shares during the quarter. Benjamin Edwards Inc.'s holdings in Carpenter Technology were worth $282,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology in the second quarter valued at $28,000. Armstrong Advisory Group Inc. lifted its stake in Carpenter Technology by 57.3% in the fourth 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 during the last quarter. Spire Wealth Management grew its holdings in Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after buying an additional 84 shares in the last quarter. Headlands Technologies LLC bought a new position in Carpenter Technology in the 2nd quarter worth approximately $43,000. Finally, Rakuten Securities Inc. bought a new position in Carpenter Technology in the 2nd quarter worth approximately $45,000. 92.03% of the stock is currently owned by institutional investors.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on 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 transaction, the vice president directly owned 18,344 shares of the company's stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company's stock, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 34,865 shares of company stock valued at $14,196,607. Company insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CRS shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Wall Street Zen raised Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. TD Cowen increased their price objective on Carpenter Technology from $430.00 to $450.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Susquehanna increased their price objective on Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a report on Thursday, April 30th. Finally, KeyCorp increased their price objective on Carpenter Technology from $453.00 to $459.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $438.78.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $427.94 on Monday. The firm has a market capitalization of $21.26 billion, a price-to-earnings ratio of 45.05, a price-to-earnings-growth ratio of 1.60 and a beta of 1.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. Carpenter Technology Corporation has a 12-month low of $204.47 and a 12-month high of $475.69. The business has a 50 day simple moving average of $408.00 and a 200 day simple moving average of $356.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating 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 return on equity of 25.02% and a net margin of 15.82%.The firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $1.88 EPS. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 10.43 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is presently 8.42%.

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

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