Emerald Mutual Fund Advisers Trust Cuts Position in Carpenter Technology Corporation $CRS

Key Points

• Emerald Mutual Fund Advisers Trust cut its Carpenter Technology stake by 22.1% in the first quarter, selling 10,186 shares and ending with 35,876 shares valued at about $14.1 million.
• Wall Street remains bullish on Carpenter Technology, with eight Buy ratings and two Holds; the consensus price target is $527.38, while several firms recently raised their targets as high as $680.
• The company reported better-than-expected quarterly EPS of $2.77, though revenue came in below estimates; Carpenter Technology also paid a quarterly dividend of $0.20 per share.

Emerald Mutual Fund Advisers Trust trimmed its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 22.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,876 shares of the basic materials company's stock after selling 10,186 shares during the period. Emerald Mutual Fund Advisers Trust owned 0.07% of Carpenter Technology worth $14,141,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth $28,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Carpenter Technology in the first quarter valued at about $30,000. SJS Investment Consulting Inc. grew its stake in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 36 shares during the last quarter. Armstrong Advisory Group Inc. raised its holdings 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 worth $37,000 after purchasing an additional 43 shares in the last quarter. Finally, Spire Wealth Management raised its holdings in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after purchasing an additional 84 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CRS has been the subject of several analyst reports. BTIG Research increased their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. TD Cowen boosted their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a research note on Monday. Susquehanna increased their target price on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a "positive" rating in a research report on Thursday. Finally, Wells Fargo & Company raised their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research note on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology currently has a consensus rating of "Moderate Buy" and an average price target of $527.38.

Insider Activity

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value 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 $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 is available through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred 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 completion of 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 2.1%

Shares of NYSE:CRS opened at $566.58 on Tuesday. The business's 50-day moving average is $515.33 and its 200 day moving average is $424.57. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The firm has a market capitalization of $28.15 billion, a P/E ratio of 59.64, a P/E/G ratio of 1.68 and a beta of 1.22. 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 (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million during the quarter, compared to analysts' expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm's revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $1.88 earnings per share. On average, research analysts predict that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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