Wealthstar Advisors LLC Grows Position in Carpenter Technology Corporation $CRS

Key Points

• Wealthstar Advisors LLC significantly increased its investment in Carpenter Technology Corporation by 196.1% during the second quarter, owning a total of 7,666 shares valued at approximately $2.12 million.
• Several hedge funds also boosted their positions in Carpenter Technology, with Invesco Ltd. leading the charge with a 37.1% increase in shares owned in the first quarter.
• The company's stock received a mix of ratings from analysts, with a consensus rating of "Moderate Buy" and a price target of $278.33, indicating optimistic market sentiment despite a recent downgrade from Zacks Research.

Wealthstar Advisors LLC grew its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 196.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,666 shares of the basic materials company's stock after purchasing an additional 5,077 shares during the period. Carpenter Technology comprises approximately 0.8% of Wealthstar Advisors LLC's investment portfolio, making the stock its 21st largest holding. Wealthstar Advisors LLC's holdings in Carpenter Technology were worth $2,119,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Invesco Ltd. boosted its position in Carpenter Technology by 37.1% in the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after purchasing an additional 570,441 shares in the last quarter. Egerton Capital UK LLP purchased a new stake in Carpenter Technology in the 1st quarter worth approximately $329,727,000. Advent International L.P. boosted its position in Carpenter Technology by 12.1% in the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock worth $145,819,000 after purchasing an additional 87,186 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 4.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock worth $113,114,000 after purchasing an additional 27,123 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Carpenter Technology by 13.9% in the 1st quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company's stock worth $106,695,000 after purchasing an additional 71,747 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares of the company's stock, valued at approximately $44,240,400. This represents a 1.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is owned by insiders.

Analyst Ratings Changes

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

Carpenter Technology Trading Down 3.6%

Shares of CRS stock opened at $250.69 on Friday. 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 company has a market cap of $12.50 billion, a price-to-earnings ratio of 33.79, a PEG ratio of 1.18 and a beta of 1.46. The stock has a 50 day simple moving average of $245.71 and a 200-day simple moving average of $234.98. 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 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The firm had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same period in the prior year, the company earned $1.82 EPS. The firm's revenue was down 5.4% compared to the same quarter last year. On average, equities research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology's dividend payout ratio is currently 10.78%.

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.

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