HighTower Advisors LLC Buys 4,073 Shares of Carpenter Technology Corporation $CRS

HighTower Advisors LLC boosted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 27.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 19,086 shares of the basic materials company's stock after buying an additional 4,073 shares during the period. HighTower Advisors LLC's holdings in Carpenter Technology were worth $11,773,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Carpenter Technology during the second quarter worth approximately $7,699,000. California State Teachers Retirement System grew its position in shares of Carpenter Technology by 58,677.5% in the second quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company's stock valued at $20,906,110,000 after purchasing an additional 33,834,612 shares during the last quarter. Wedmont Private Capital bought a new position in shares of Carpenter Technology during the second quarter worth approximately $297,000. HB Wealth Management LLC increased its stake in shares of Carpenter Technology by 67.9% during the second quarter. HB Wealth Management LLC now owns 3,278 shares of the basic materials company's stock worth $2,022,000 after purchasing an additional 1,326 shares during the period. Finally, AlphaGrep UK Ltd acquired a new stake in Carpenter Technology during the 2nd quarter worth approximately $356,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRS. KeyCorp reduced their price target on Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. BTIG Research lifted their target price on Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Wells Fargo & Company boosted their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. TD Cowen upped their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, Susquehanna lowered their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $577.25.

Insider Buying and Selling at Carpenter Technology

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

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $459.16 on Thursday. The company's 50 day simple moving average is $537.27 and its 200 day simple moving average is $479.72. The stock has a market capitalization of $22.76 billion, a price-to-earnings ratio of 43.65, a price-to-earnings-growth ratio of 1.62 and a beta of 1.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 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 for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. During the same period in the prior year, the company earned $2.21 earnings per share. The company's quarterly revenue was up 12.6% on a year-over-year basis. As a group, research analysts predict that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

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

Carpenter Technology Company 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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