Janney Montgomery Scott LLC Buys 1,423 Shares of Carpenter Technology Corporation $CRS

Janney Montgomery Scott LLC lifted its stake in Carpenter Technology Corporation (NYSE:CRS) by 5.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,877 shares of the basic materials company’s stock after buying an additional 1,423 shares during the period. Janney Montgomery Scott LLC owned about 0.05% of Carpenter Technology worth $10,594,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CRS. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology in the 2nd quarter valued at $28,000. Armstrong Advisory Group Inc. raised its stake in Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares in the last quarter. Spire Wealth Management lifted its holdings in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 84 shares during the period. Headlands Technologies LLC bought a new position in shares of Carpenter Technology during the second quarter valued at $43,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at $45,000. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the subject of a number of recent analyst reports. TD Cowen increased their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. BTIG Research upped their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. 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 note on Monday, May 4th. Finally, KeyCorp lifted their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research note on Tuesday. Eight investment 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 stock currently has an average rating of “Moderate Buy” and an average target price of $481.75.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares of the company’s stock, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares of the company’s stock, 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. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $597.44 on Friday. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $624.50. The firm has a market cap of $29.69 billion, a PE ratio of 62.89, a price-to-earnings-growth ratio of 1.79 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The business has a fifty day moving average of $492.09 and a 200-day moving average of $411.49.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The business had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.88 EPS. On average, equities research analysts predict that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. Carpenter Technology’s payout ratio is currently 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.