Axxcess Wealth Management LLC Buys Shares of 740 Carpenter Technology Corporation $CRS

Axxcess Wealth Management LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 740 shares of the basic materials company’s stock, valued at approximately $205,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. lifted its position in Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after buying an additional 570,441 shares during the last quarter. Egerton Capital UK LLP purchased a new stake in shares of Carpenter Technology in the 1st quarter valued at approximately $329,727,000. Advent International L.P. lifted its holdings in shares of 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 acquiring an additional 87,186 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Carpenter Technology by 4.6% during 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 during the period. Finally, American Century Companies Inc. boosted its position in shares of Carpenter Technology by 13.9% during 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 during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. BTIG Research restated a “buy” rating on shares of Carpenter Technology in a research note on Monday, August 4th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Carpenter Technology in a report on Wednesday, October 8th. Finally, Zacks Research lowered 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 given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $278.33.

Insider Transactions at Carpenter Technology

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 sale, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares in the company, valued at approximately $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 ninety days, insiders sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Performance

NYSE:CRS opened at $238.04 on Monday. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $290.84. The company has a fifty day simple moving average of $244.05 and a two-hundred day simple moving average of $238.08. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The company has a market cap of $11.87 billion, a price-to-earnings ratio of 32.08, a price-to-earnings-growth ratio of 1.08 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to analysts’ expectations of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period last year, the firm earned $1.82 earnings per share. As a group, equities analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is presently 10.78%.

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.