Carpenter Technology Corporation $CRS Stock Holdings Trimmed by VestGen Advisors LLC

Key Points

• VestGen Advisors cut its Carpenter Technology stake by 74.6% in the third quarter, leaving it with 1,598 shares valued at $621,000. Institutional investors collectively own 92.03% of the company.
• Analyst sentiment remains cautiously positive, with six Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $476.43, although several firms recently lowered targets or downgraded the stock.
• Carpenter Technology reported quarterly EPS of $3.25, exceeding the $3.04 consensus estimate, while revenue reached $634.8 million. The company also declared a quarterly dividend of $0.20 per share, equivalent to a 0.3% yield.

VestGen Advisors LLC lessened its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 74.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,598 shares of the basic materials company's stock after selling 4,686 shares during the quarter. VestGen Advisors LLC's holdings in Carpenter Technology were worth $621,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC raised its stake in Carpenter Technology by 1.7% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock valued at $708,000 after acquiring an additional 19 shares during the last quarter. Essential Partners LLC raised its stake in shares of Carpenter Technology by 9.9% during the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock worth $149,000 after purchasing an additional 34 shares during the last quarter. TrueWealth Advisors LLC lifted its holdings in shares of Carpenter Technology by 1.3% during the second quarter. TrueWealth Advisors LLC now owns 2,789 shares of the basic materials company's stock worth $1,720,000 after purchasing an additional 36 shares during the period. Mezzasalma Advisors LLC lifted its holdings in shares of Carpenter Technology by 0.3% during the third quarter. Mezzasalma Advisors LLC now owns 14,518 shares of the basic materials company's stock worth $5,645,000 after purchasing an additional 37 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Carpenter Technology by 43.0% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 133 shares of the basic materials company's stock worth $52,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on CRS shares. KeyCorp downgraded shares of Carpenter Technology from an "overweight" rating to a "sector weight" rating in a report on Monday, October 26th. Wall Street Zen upgraded Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, October 24th. Wells Fargo & Company decreased their price target on Carpenter Technology from $540.00 to $430.00 and set an "equal weight" rating on the stock in a research note on Wednesday, September 30th. JPMorgan Chase & Co. decreased their target price on Carpenter Technology from $700.00 to $520.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 14th. Finally, Zacks Research cut Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 15th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and an average price target of $476.43.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $283.55 on Monday. The stock's 50-day moving average is $400.94 and its 200-day moving average is $442.45. The company has a market cap of $14.05 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 1.00 and a beta of 1.29. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.94 and a quick ratio of 2.05. Carpenter Technology Corporation has a 12 month low of $273.45 and a 12 month high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $3.25 EPS for the quarter, beating the consensus estimate of $3.04 by $0.21. The company had revenue of $634.80 million for the quarter, compared to analyst estimates of $830.85 million. Carpenter Technology had a return on equity of 27.50% and a net margin of 17.87%. The firm's revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $2.43 earnings per share. Equities analysts anticipate that Carpenter Technology Corporation will post 13.37 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Tuesday, October 20th will be given a $0.20 dividend. The ex-dividend date is Tuesday, October 20th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's dividend payout ratio is 7.05%.

Insider Buying and Selling

In other news, Director Ramin Younessi sold 438 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company's stock, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the transaction, the chief executive officer directly owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,996 shares of company stock valued at $54,644,436 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.

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