Wealthstar Advisors LLC decreased its holdings in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 31.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,860 shares of the basic materials company’s stock after selling 2,212 shares during the period. Carpenter Technology comprises approximately 0.9% of Wealthstar Advisors LLC’s holdings, making the stock its 19th largest holding. Wealthstar Advisors LLC’s holdings in Carpenter Technology were worth $1,916,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Woodline Partners LP bought a new position in shares of Carpenter Technology in the first quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after buying an additional 1,701 shares during the period. Focus Partners Wealth lifted its holdings in Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after buying an additional 314 shares in the last quarter. Quantbot Technologies LP bought a new stake in Carpenter Technology during the 2nd quarter valued at about $80,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $533,000. 92.03% of the stock is currently owned by institutional investors.
Insider Activity at Carpenter Technology
In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction 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 sale, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction 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 transaction, the director owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.90% of the company’s stock.
Carpenter Technology Stock Up 0.0%
Carpenter Technology (NYSE:CRS – Get Free Report) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. During the same quarter last year, the firm posted $1.88 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts anticipate that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.
Carpenter Technology Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.
Analyst Upgrades and Downgrades
CRS has been the topic of a number of research analyst reports. BTIG Research upped their target price 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. TD Cowen lifted their price target on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Wells Fargo & Company boosted their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $481.75.
Read Our Latest Stock Analysis on Carpenter Technology
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.
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