Fiduciary Alliance LLC Takes Position in Carpenter Technology Corporation $CRS

Key Points

• Fiduciary Alliance LLC has made a new investment of approximately $1.63 million in Carpenter Technology Corporation, acquiring 5,887 shares.
• Carpenter Technology Corporation's analysts have set a new average price target of $278.33, with a majority rating of "Buy" from four research analysts.
• The company recently announced a quarterly dividend of $0.20 per share, with a payout ratio of 10.78% and an annualized yield of 0.3%.

Fiduciary Alliance LLC bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 5,887 shares of the basic materials company's stock, valued at approximately $1,627,000.

Several other institutional investors have also recently made changes to their positions in CRS. MRA Advisory Group lifted its holdings in Carpenter Technology by 6.1% during the second quarter. MRA Advisory Group now owns 2,513 shares of the basic materials company's stock valued at $695,000 after purchasing an additional 144 shares during the last quarter. Canandaigua National Bank & Trust Co. purchased a new position in Carpenter Technology during the second quarter valued at $265,000. NBC Securities Inc. raised its position in shares of Carpenter Technology by 136.7% in the 2nd quarter. NBC Securities Inc. now owns 2,990 shares of the basic materials company's stock worth $826,000 after purchasing an additional 1,727 shares during the last quarter. TrueWealth Advisors LLC bought a new stake in Carpenter Technology in the 2nd quarter worth about $594,000. Finally, Voya Investment Management LLC grew its stake in shares of Carpenter Technology by 24.5% during the 1st quarter. Voya Investment Management LLC now owns 403,132 shares of the basic materials company's stock valued at $73,039,000 after purchasing an additional 79,301 shares during the period. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

CRS traded down $7.22 during midday trading on Friday, reaching $239.52. 3,772,191 shares of the company's stock were exchanged, compared to its average volume of 778,042. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $11.94 billion, a price-to-earnings ratio of 32.28, a price-to-earnings-growth ratio of 1.09 and a beta of 1.52. The business has a 50-day simple moving average of $254.20 and a two-hundred day simple moving average of $229.21. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm's revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.82 EPS. As a group, research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's payout ratio is currently 10.78%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Benchmark increased their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director owned 180,000 shares of the company's stock, valued at $44,240,400. The trade was a 1.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,124 shares of company stock valued at $6,890,250. Corporate insiders own 2.90% of the company's stock.

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.