Corient Private Wealth LP Boosts Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Corient Private Wealth increased its Carpenter Technology position by 267.9% in the second quarter, bringing its holdings to 6,858 shares valued at $4.23 million. Institutional investors collectively own 92.03% of the company.
• Analyst sentiment remains positive, with eight Buy ratings and two Holds; Carpenter Technology has a consensus “Moderate Buy” rating and an average price target of $577.25.
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus the $3.09 consensus, while revenue rose 12.6% year over year. However, insiders have sold roughly $54.6 million worth of shares over the past 90 days.

Corient Private Wealth LP grew its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 267.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,858 shares of the basic materials company's stock after purchasing an additional 4,994 shares during the period. Corient Private Wealth LP's holdings in Carpenter Technology were worth $4,230,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of CRS. Optimize Financial Inc. purchased a new stake in Carpenter Technology in the second quarter valued at $299,000. Wellington Grp LLC lifted its holdings in Carpenter Technology by 36.5% in the second quarter. Wellington Grp LLC now owns 2,066 shares of the basic materials company's stock valued at $1,274,000 after acquiring an additional 552 shares during the period. HighTower Advisors LLC lifted its holdings in Carpenter Technology by 27.1% in the second quarter. HighTower Advisors LLC now owns 19,086 shares of the basic materials company's stock valued at $11,773,000 after acquiring an additional 4,073 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Carpenter Technology in the 2nd quarter worth approximately $7,699,000. Finally, Wedmont Private Capital acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $297,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRS shares. Wall Street Zen upgraded shares of Carpenter Technology from a "hold" rating to a "buy" rating in a research report on Saturday, September 12th. JPMorgan Chase & Co. cut their price target on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. BTIG Research upped their price target on Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. TD Cowen upped their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, Wells Fargo & Company increased their price target on Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 4th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $577.25.

Carpenter Technology Stock Up 0.3%

NYSE CRS opened at $407.86 on Friday. The business has a fifty day moving average price of $513.11 and a 200 day moving average price of $480.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The company has a market cap of $20.21 billion, a P/E ratio of 38.77, a P/E/G ratio of 1.44 and a beta of 1.26. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.21 earnings per share. Research analysts anticipate that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, August 25th. Carpenter Technology's dividend payout ratio (DPR) is currently 7.60%.

Insider Buying and Selling

In other Carpenter Technology news, CEO Tony Thene sold 57,456 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company's stock, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Karol sold 3,275 shares of Carpenter Technology stock in a transaction on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the transaction, the director owned 177,000 shares in the company, valued at approximately $83,912,160. This represents a 1.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 112,996 shares of company stock worth $54,644,436. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Profile

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

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.

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