Ashton Thomas Private Wealth LLC Takes $649,000 Position in Carpenter Technology Corporation $CRS

Ashton Thomas Private Wealth LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 2,350 shares of the basic materials company’s stock, valued at approximately $649,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRS. Envestnet Asset Management Inc. raised its position in Carpenter Technology by 8.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 18,133 shares of the basic materials company’s stock valued at $5,012,000 after purchasing an additional 1,390 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Carpenter Technology in the second quarter valued at $371,000. Prudent Man Advisors LLC acquired a new stake in shares of Carpenter Technology in the second quarter valued at $212,000. State of New Jersey Common Pension Fund D raised its holdings in shares of Carpenter Technology by 2.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 16,869 shares of the basic materials company’s stock valued at $4,662,000 after buying an additional 418 shares during the last quarter. Finally, Glass Jacobson Investment Advisors llc acquired a new position in Carpenter Technology during the 2nd quarter worth about $259,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. TD Cowen raised their price objective on shares of Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, October 24th. BTIG Research increased their price target on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday. Jones Trading assumed coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology and gave the stock a “buy” rating in a report on Friday, October 24th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $369.67.

Carpenter Technology Stock Down 1.5%

Shares of NYSE:CRS opened at $318.61 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The stock has a market cap of $15.87 billion, a price-to-earnings ratio of 38.95, a P/E/G ratio of 1.41 and a beta of 1.46. The company has a 50 day moving average of $252.15 and a 200-day moving average of $245.65. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $330.50.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. During the same period last year, the firm earned $1.73 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be given 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 currently 9.78%.

Insider Buying and Selling

In other news, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer directly owned 535,019 shares of the company’s stock, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 over the last three months. Company insiders own 2.90% of the company’s stock.

About Carpenter Technology

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.