IFP Advisors Inc Raises Position in Carpenter Technology Corporation $CRS

Key Points

• IFP Advisors Inc has increased its stake in Carpenter Technology Corporation by 275.8%, owning 2,112 shares valued at $584,000 following the purchase of an additional 1,550 shares during the second quarter.
• Carpenter Technology recently reported earnings of $2.21 per share, beating estimates, although its revenue of $755.60 million fell short of expectations and was down 5.4% year-over-year.
• The company declared a quarterly dividend of $0.20 per share, to be paid on December 4th, representing a yield of 0.3% and a modest payout ratio of 10.78%.

IFP Advisors Inc raised its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 275.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,112 shares of the basic materials company's stock after purchasing an additional 1,550 shares during the period. IFP Advisors Inc's holdings in Carpenter Technology were worth $584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRS. GAMMA Investing LLC raised its position in Carpenter Technology by 7.7% during the first quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company's stock valued at $479,000 after purchasing an additional 188 shares during the period. Fifth Third Bancorp raised its holdings in shares of Carpenter Technology by 13.6% in the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after buying an additional 78 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after acquiring an additional 3,467 shares during the last quarter. Mission Wealth Management LP boosted its holdings in Carpenter Technology by 4.0% during the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after acquiring an additional 78 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in Carpenter Technology by 5.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,283 shares of the basic materials company's stock valued at $3,856,000 after acquiring an additional 1,128 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Down 0.0%

Shares of NYSE:CRS opened at $241.98 on Wednesday. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $290.84. The stock has a market cap of $12.06 billion, a P/E ratio of 32.61, a price-to-earnings-growth ratio of 1.10 and a beta of 1.46. The business's 50 day moving average is $244.82 and its 200 day moving average is $236.42. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its 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 business had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.82 EPS. Sell-side analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

Analyst Ratings Changes

Several equities analysts have commented on CRS shares. Zacks Research downgraded Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 1st. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This trade represents a 3.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by corporate 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.

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