SteelPeak Wealth LLC Grows Stock Holdings in Carpenter Technology Corporation $CRS

Key Points

• SteelPeak Wealth LLC increased its holdings in Carpenter Technology Corporation by 36.9% during the second quarter, now owning 7,664 shares worth approximately $2.1 million.
• Insiders sold a total of 28,124 shares valued at nearly $6.9 million over the last quarter, including notable sales by CEO Tony R. Thene and Director I. Martin Inglis.
• Carpenter Technology recently declared a quarterly dividend of $0.20 per share, representing an annual yield of 0.3% and a payout ratio of 10.78%.

SteelPeak Wealth LLC increased its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 36.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,664 shares of the basic materials company's stock after buying an additional 2,065 shares during the period. SteelPeak Wealth LLC's holdings in Carpenter Technology were worth $2,118,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Union Bancaire Privee UBP SA purchased a new stake in Carpenter Technology during the second quarter worth about $10,985,000. Lee Johnson Capital Management LLC purchased a new stake in Carpenter Technology during the second quarter worth about $795,000. HB Wealth Management LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at about $288,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Carpenter Technology by 1,034.0% in the second quarter. Public Employees Retirement System of Ohio now owns 16,307 shares of the basic materials company's stock valued at $4,507,000 after purchasing an additional 14,869 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at about $244,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Buying and Selling

In related news, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction 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 represents a 3.43% decrease in their ownership of the stock. 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 company's stock in a transaction that occurred 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 transaction, the director directly owned 6,732 shares of the company's stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,124 shares of company stock valued at $6,890,250. Insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

NYSE:CRS opened at $256.29 on Wednesday. The firm has a 50 day simple moving average of $246.16 and a 200-day simple moving average of $234.42. 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 firm has a market cap of $12.78 billion, a PE ratio of 34.54, a P/E/G ratio of 1.15 and a beta of 1.46. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $290.84.

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

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's dividend payout ratio is 10.78%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRS. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Zacks Research downgraded shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Carpenter Technology in a report on Saturday, September 27th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Carpenter Technology currently has an average rating of "Moderate Buy" and an average target price of $278.33.

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.

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