Legacy Advisory Services LLC Invests $219,000 in Carpenter Technology Corporation $CRS

Key Points

• Legacy Advisory Services LLC acquired a new position in Carpenter Technology Corporation, purchasing 1,207 shares valued at approximately $219,000 during the 1st quarter.
• Analyst ratings for Carpenter Technology have been optimistic, with JPMorgan Chase raising its target price from $245.00 to $305.00 and four analysts giving the stock a "Buy" rating.
• Carpenter Technology recently announced a quarterly dividend of $0.20 per share, representing a 0.3% dividend yield based on an annualized payout of $0.80.

Legacy Advisory Services LLC bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,207 shares of the basic materials company's stock, valued at approximately $219,000.

Other hedge funds also recently bought and sold shares of the company. Stratos Wealth Partners LTD. boosted its position in Carpenter Technology by 22.9% during the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after purchasing an additional 553 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 77 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Carpenter Technology by 27.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock valued at $2,890,000 after acquiring an additional 3,467 shares in the last quarter. Hancock Whitney Corp purchased a new position in shares of Carpenter Technology in the first quarter valued at approximately $819,000. Finally, Fifth Third Bancorp lifted its position 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 valued at $118,000 after acquiring an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark raised their target price 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, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four equities research analysts have rated the stock with a Buy rating and one has 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 Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology 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 completion of the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,124 shares of company stock worth $6,890,250. Company insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded down $3.09 during midday trading on Friday, hitting $240.09. The company had a trading volume of 809,199 shares, compared to its average volume of 782,164. The business's 50-day simple moving average is $257.68 and its 200-day simple moving average is $227.86. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The stock has a market cap of $11.97 billion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 1.11 and a beta of 1.52. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $290.84.

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

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were issued a $0.20 dividend. The ex-dividend date was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

About Carpenter Technology

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.