New Age Alpha Advisors LLC Boosts Stock Position in Carpenter Technology Corporation $CRS

Key Points

• New Age Alpha Advisors LLC increased its stake in Carpenter Technology by 430% in the fourth quarter, ending with 12,090 shares worth about $3.8 million.
• Wall Street sentiment remains upbeat, with multiple analysts raising price targets; the stock now has a consensus Moderate Buy rating and an average target of $441.
• Carpenter Technology recently beat earnings estimates with quarterly EPS of $2.77, and it also announced a quarterly dividend of $0.20 per share.

New Age Alpha Advisors LLC increased its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 430.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,090 shares of the basic materials company's stock after buying an additional 9,809 shares during the period. New Age Alpha Advisors LLC's holdings in Carpenter Technology were worth $3,806,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $28,000. Armstrong Advisory Group Inc. grew its stake in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after buying an additional 43 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of Carpenter Technology in the 3rd quarter worth approximately $41,000. Spire Wealth Management grew its stake in shares of Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after buying an additional 84 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. BTIG Research upped their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. TD Cowen upped their price objective on Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a research report on Friday. Susquehanna upped their price objective on Carpenter Technology from $470.00 to $495.00 and gave the company a "positive" rating in a research report on Thursday, April 30th. Wells Fargo & Company upped their price objective on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Finally, KeyCorp upped their price objective on Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a research report on Monday, May 4th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $441.00.

Carpenter Technology Price Performance

NYSE CRS opened at $434.10 on Tuesday. The business's fifty day moving average price is $414.30 and its 200-day moving average price is $367.15. The stock has a market capitalization of $21.57 billion, a price-to-earnings ratio of 45.69, a PEG ratio of 1.61 and a beta of 1.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. Carpenter Technology Corporation has a 1-year low of $219.58 and a 1-year high of $475.69.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.88 EPS. On average, equities analysts predict that Carpenter Technology Corporation will post 10.49 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology's dividend payout ratio is presently 8.42%.

Insider Buying and Selling at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the transaction, the vice president directly owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director directly owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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