HighTower Advisors LLC raised its stake in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 27.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 19,086 shares of the basic materials company’s stock after acquiring an additional 4,073 shares during the period. HighTower Advisors LLC’s holdings in Carpenter Technology were worth $11,773,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology in the second quarter worth approximately $28,000. Keating Financial Advisory Services Inc. acquired a new stake in Carpenter Technology during the 2nd quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Carpenter Technology during the 1st quarter valued at approximately $30,000. SJS Investment Consulting Inc. raised its holdings in Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 36 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Carpenter Technology during the 2nd quarter worth approximately $43,000. Institutional investors own 92.03% of the company’s stock.
Insider Activity
In related news, Director Steven E. Karol sold 3,275 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $474.08, for a total value of $1,552,612.00. Following the completion of the sale, the director directly owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This represents a 1.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 112,996 shares of company stock worth $54,644,436 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.
Carpenter Technology Stock Performance
Carpenter Technology (NYSE:CRS – Get Free Report) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same period in the previous year, the firm posted $2.21 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. Sell-side analysts predict that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.
Carpenter Technology Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is 7.60%.
Analyst Ratings Changes
A number of equities research analysts have recently commented on the stock. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. TD Cowen lifted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. BTIG Research increased their price target on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Susquehanna lowered their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Finally, Wells Fargo & Company boosted their price objective on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $577.25.
Read Our Latest Stock Analysis on Carpenter Technology
Carpenter Technology Company Profile
Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.
Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.
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