Fairvoy Private Wealth LLC Invests $998,000 in Carpenter Technology Corporation $CRS

Fairvoy Private Wealth LLC purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 2,531 shares of the basic materials company’s stock, valued at approximately $998,000.

Several other large investors have also recently modified their holdings of CRS. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology during the 2nd quarter valued at about $28,000. Armstrong Advisory Group Inc. increased its stake in Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares in the last quarter. Spire Wealth Management raised its holdings in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after buying an additional 84 shares during the last quarter. Headlands Technologies LLC purchased a new position in Carpenter Technology in the second quarter worth about $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CRS shares. Wells Fargo & Company increased their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. BTIG Research boosted their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Susquehanna boosted their price target on Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $458.62.

Carpenter Technology Stock Performance

Shares of NYSE CRS opened at $596.30 on Friday. The firm’s 50-day moving average price is $475.58 and its 200-day moving average price is $401.18. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $605.11. The company has a market cap of $29.63 billion, a PE ratio of 62.77, a PEG ratio of 2.00 and a beta of 1.25. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the company earned $1.88 earnings per share. As a group, analysts anticipate that Carpenter Technology Corporation will post 10.56 EPS for the current 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 given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s payout ratio is 8.42%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction on 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 sale, the director directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by insiders.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.