Cvfg LLC Takes $5.46 Million Position in Carpenter Technology Corporation $CRS

Key Points

• Cvfg LLC opened a new position in Carpenter Technology during the first quarter, buying 13,855 shares worth about $5.46 million.
• The company’s stock has climbed sharply, recently opening at $591.39 versus a 52-week low of $228.00, while analysts remain generally constructive with a Moderate Buy consensus and a $481.75 average price target.
• Carpenter Technology beat quarterly EPS expectations with $2.77 per share, though revenue came in below estimates; it also paid a quarterly dividend of $0.20 per share.

Cvfg LLC purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,855 shares of the basic materials company's stock, valued at approximately $5,461,000.

A number of other large investors also recently bought and sold shares of the business. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology during the second quarter worth $28,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Carpenter Technology in the first quarter worth about $30,000. SJS Investment Consulting Inc. grew its holdings in shares of Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock worth $32,000 after purchasing an additional 36 shares during the last quarter. Armstrong Advisory Group Inc. increased its stake in Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after buying an additional 43 shares during the period. Finally, Spire Wealth Management lifted its holdings in Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock valued at $42,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In related news, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction dated 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 owned 750 shares of the company's stock, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Marshall D. Akins sold 11,815 shares of the business'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 transaction, the vice president owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS opened at $591.39 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The company has a 50 day moving average price of $502.69 and a 200-day moving average price of $417.46. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The stock has a market capitalization of $29.39 billion, a PE ratio of 62.25, a PEG ratio of 1.82 and a beta of 1.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million for 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%. Carpenter Technology's revenue was up 11.6% compared to the same quarter last year. During the same period last year, the company posted $1.88 earnings per share. Equities analysts predict that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology's payout ratio is presently 8.42%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CRS shares. BTIG Research raised their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Susquehanna raised 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. Wells Fargo & Company lifted their target price on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Finally, KeyCorp upped their target price on Carpenter Technology from $459.00 to $644.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Carpenter Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $481.75.

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.

Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Corporation (NYSE:CRS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.