Whitaker Myers Wealth Managers LTD. Invests $797,000 in Carpenter Technology Corporation $CRS

Whitaker Myers Wealth Managers LTD. acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the third quarter, Holdings Channel reports. The institutional investor acquired 3,244 shares of the basic materials company’s stock, valued at approximately $797,000.

Several other hedge funds also recently bought and sold shares of CRS. Advent International L.P. increased its position in shares of Carpenter Technology by 12.1% during the first quarter. Advent International L.P. now owns 804,832 shares of the basic materials company’s stock valued at $145,819,000 after acquiring an additional 87,186 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Carpenter Technology by 79.2% in the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after acquiring an additional 253,163 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $134,790,000. Raymond James Financial Inc. increased its holdings in Carpenter Technology by 244.3% in the 2nd quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock valued at $113,669,000 after purchasing an additional 291,829 shares during the last quarter. Finally, Voya Investment Management LLC raised its position in Carpenter Technology by 24.5% in the first quarter. Voya Investment Management LLC now owns 403,132 shares of the basic materials company’s stock valued at $73,039,000 after purchasing an additional 79,301 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. TD Cowen boosted their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $371.14.

Insiders Place Their Bets

In other Carpenter Technology news, COO Brian J. Malloy sold 4,130 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $303.52, for a total value of $1,253,537.60. Following the completion of the transaction, the chief operating officer owned 78,875 shares in the company, valued at $23,940,140. This represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Elizabeth A. Socci sold 3,900 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the transaction, the vice president directly owned 9,594 shares in the company, valued at approximately $3,082,072.50. The trade was a 28.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Trading Up 0.3%

NYSE:CRS opened at $334.42 on Friday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $342.11. The stock has a market cap of $16.66 billion, a P/E ratio of 40.88, a P/E/G ratio of 1.40 and a beta of 1.31. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The stock has a 50-day simple moving average of $312.57 and a 200-day simple moving average of $275.01.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results 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. The firm had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.73 earnings per share. As a group, analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Tuesday, October 21st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.78%.

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