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

A number of other hedge funds have also recently modified their holdings of CRS. Rise Advisors LLC bought a new position in shares of Carpenter Technology during the first quarter valued at approximately $31,000. IMA Advisory Services Inc. bought a new position in shares of Carpenter Technology during the first quarter valued at approximately $36,000. Bessemer Group Inc. grew its stake in shares of Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology in the fourth quarter valued at approximately $44,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Carpenter Technology in the first quarter valued at approximately $49,000. Institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In other news, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction on 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 owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value 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 represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,124 shares of company stock worth $6,890,250 over the last 90 days. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Down 1.3%

Carpenter Technology stock traded down $3.09 during mid-day trading on Friday, reaching $240.09. 809,199 shares of the company were exchanged, compared to its average volume of 908,004. The business has a fifty day moving average of $258.48 and a 200 day moving average of $227.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The firm has a market cap of $11.97 billion, a P/E ratio of 32.36, a PEG ratio of 1.12 and a beta of 1.52. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-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 for the quarter, topping analysts' consensus estimates 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 return on equity of 21.50% and a net margin of 13.07%.Carpenter Technology's revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.82 earnings per share. Research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were issued a dividend of $0.20 per share. 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 is currently 10.78%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CRS shares. JPMorgan Chase & Co. lifted 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. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Benchmark increased their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $278.33.

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.