Fairvoy Private Wealth LLC Acquires Shares of 2,531 Carpenter Technology Corporation $CRS

Key Points

• Fairvoy Private Wealth LLC disclosed a new first-quarter stake in Carpenter Technology, buying 2,531 shares valued at about $998,000.
• Carpenter Technology reported fiscal-quarter EPS of $2.77, beating analyst expectations, though revenue came in below forecasts at $655.6 million.
• Wall Street remains broadly positive on CRS, with eight Buy ratings and an average price target of about $458.62; several analysts recently raised their targets.

Fairvoy Private Wealth LLC acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,531 shares of the basic materials company's stock, valued at approximately $998,000.

Other institutional investors also recently modified their holdings of the company. Longview Financial Advisors Inc. purchased a new position in Carpenter Technology during the 1st quarter valued at about $55,000. Kestra Private Wealth Services LLC grew its position in shares of Carpenter Technology by 9.3% in the 1st quarter. Kestra Private Wealth Services LLC now owns 1,288 shares of the basic materials company's stock worth $508,000 after buying an additional 110 shares during the last quarter. Ritholtz Wealth Management grew its position in shares of Carpenter Technology by 33.2% in the 1st quarter. Ritholtz Wealth Management now owns 1,062 shares of the basic materials company's stock worth $419,000 after buying an additional 265 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Carpenter Technology by 3.3% during the first quarter. Fifth Third Wealth Advisors LLC now owns 2,166 shares of the basic materials company's stock valued at $854,000 after acquiring an additional 69 shares in the last quarter. Finally, OP Asset Management Ltd bought a new position in shares of Carpenter Technology during the first quarter valued at approximately $819,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Trading Up 2.6%

CRS opened at $596.30 on Friday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $605.11. The stock has a market cap of $29.63 billion, a PE ratio of 62.77, a PEG ratio of 2.00 and a beta of 1.25. The business has a 50 day moving average of $475.58 and a 200-day moving average of $401.18.

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 for the quarter, topping the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million for 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 for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.88 earnings per share. Equities research analysts predict that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRS. KeyCorp lifted their price target on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a report on Monday, May 4th. Susquehanna upped their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a report on Thursday, April 30th. TD Cowen raised their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a "buy" rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Finally, Wells Fargo & Company boosted their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $458.62.

Insider Activity

In related news, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company's stock, valued at $317,895. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 sale, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by company insiders.

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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