10,282 Shares in Carpenter Technology Corporation (NYSE:CRS) Purchased by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,282 shares of the basic materials company’s stock, valued at approximately $1,863,000.

Other large investors also recently made changes to their positions in the company. Janney Montgomery Scott LLC raised its stake in Carpenter Technology by 5.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,283 shares of the basic materials company’s stock valued at $3,856,000 after acquiring an additional 1,128 shares in the last quarter. Mission Wealth Management LP boosted its holdings in shares of Carpenter Technology by 4.0% in the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company’s stock valued at $364,000 after acquiring an additional 78 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Carpenter Technology by 27.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company’s stock worth $2,890,000 after purchasing an additional 3,467 shares in the last quarter. Fifth Third Bancorp boosted its stake in Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company’s stock valued at $118,000 after purchasing an additional 78 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Carpenter Technology by 7.7% in the 1st quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company’s stock worth $479,000 after buying an additional 188 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

CRS has been the topic of several research reports. Benchmark boosted their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus price target of $244.75.

Carpenter Technology Trading Up 1.2%

Shares of NYSE:CRS opened at $252.69 on Wednesday. Carpenter Technology Corporation has a 12-month low of $95.70 and a 12-month high of $256.52. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $12.58 billion, a P/E ratio of 35.79, a price-to-earnings-growth ratio of 1.05 and a beta of 1.37. The firm has a fifty day moving average of $215.96 and a two-hundred day moving average of $196.95.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the business earned $1.19 EPS. On average, equities analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.32%. Carpenter Technology’s dividend payout ratio is currently 11.33%.

Carpenter Technology declared that its board has authorized a share buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to buy up to 4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director now directly owns 6,732 shares of the company’s stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate 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.