Trek Financial LLC Invests $2.45 Million in Carpenter Technology Corporation $CRS

Key Points

• Trek Financial LLC opened a new position in Carpenter Technology, buying 7,771 shares valued at about $2.45 million in the fourth quarter.
• Institutional interest remains strong, with hedge funds and asset managers continuing to add shares; institutions now own 92.03% of the company.
• Analysts remain broadly bullish on Carpenter Technology, with nine Buy ratings and a consensus price target of $438.78, while the company recently beat earnings estimates and raised its quarterly dividend to $0.20 per share.

Trek Financial LLC acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,771 shares of the basic materials company's stock, valued at approximately $2,447,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Woodline Partners LP acquired a new stake in shares of Carpenter Technology during the 1st quarter valued at about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after acquiring an additional 1,701 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock valued at $836,000 after acquiring an additional 314 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $533,000. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. TD Cowen lifted their target price on shares of Carpenter Technology from $430.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. KeyCorp lifted their target price 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. Weiss Ratings upgraded shares of Carpenter Technology from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday. BTIG Research lifted their target price 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. Finally, Wells Fargo & Company lifted their target price 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. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $438.78.

Insider Activity

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the business's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,865 shares of company stock valued at $14,196,607 in the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Price Performance

NYSE:CRS opened at $424.58 on Wednesday. The firm has a market cap of $21.10 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 1.60 and a beta of 1.24. Carpenter Technology Corporation has a 12 month low of $216.00 and a 12 month high of $475.69. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The company's 50-day moving average price is $409.83 and its two-hundred day moving average price is $360.14.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.88 earnings per share. On average, equities analysts anticipate that Carpenter Technology Corporation will post 10.43 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be given a $0.20 dividend. The ex-dividend date 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%.

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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