Savant Capital LLC Sells 4,756 Shares of Carpenter Technology Corporation $CRS

Key Points

• Savant Capital LLC cut its stake in Carpenter Technology by 66.8% in the fourth quarter, selling 4,756 shares and leaving it with 2,366 shares valued at about $745,000.
• Analysts remain generally positive on CRS, with nine Buy ratings and two Hold ratings; the consensus target price is $441, while several firms recently raised their price targets.
• Carpenter Technology reported strong earnings of $2.77 per share, beating estimates, and the stock was trading near its 52-week high at $487.01, up from a yearly low of $228.00.

Savant Capital LLC lessened its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 66.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,366 shares of the basic materials company's stock after selling 4,756 shares during the quarter. Savant Capital LLC's holdings in Carpenter Technology were worth $745,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ion Asset Management Ltd. bought a new position in Carpenter Technology during the third quarter valued at approximately $4,027,000. American Century Companies Inc. raised its position in shares of Carpenter Technology by 4.0% in the third quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company's stock valued at $114,841,000 after purchasing an additional 18,201 shares during the period. Kinetic Partners Management LP raised its position in shares of Carpenter Technology by 15.5% in the third quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company's stock valued at $94,901,000 after purchasing an additional 51,800 shares during the period. WCM Investment Management LLC raised its position in shares of Carpenter Technology by 77.9% in the third quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company's stock valued at $86,261,000 after purchasing an additional 156,554 shares during the period. Finally, Bright Futures Wealth Management LLC. bought a new position in shares of Carpenter Technology in the third quarter valued at approximately $674,000. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRS. TD Cowen lifted their price target on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. Wells Fargo & Company lifted their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. BTIG Research lifted their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. KeyCorp lifted their price target on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an "overweight" rating in a research report on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $441.00.

Carpenter Technology Trading Up 0.0%

Shares of CRS stock opened at $487.01 on Wednesday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $495.58. The firm's fifty day simple moving average is $423.34 and its 200 day simple moving average is $372.24. The firm has a market capitalization of $24.20 billion, a P/E ratio of 51.26, a price-to-earnings-growth ratio of 1.80 and a beta of 1.25. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the previous year, the firm posted $1.88 earnings per share. Carpenter Technology's revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 10.54 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director owned 750 shares of the company's stock, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company's stock.

Carpenter Technology 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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