Mezzasalma Advisors LLC Purchases New Stake in Carpenter Technology Corporation (NYSE:CRS)

Mezzasalma Advisors LLC purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,282 shares of the basic materials company’s stock, valued at approximately $1,863,000.

Several other institutional investors also recently bought and sold shares of CRS. Kestra Investment Management LLC purchased a new position in shares of Carpenter Technology in the 4th quarter valued at $25,000. Ameriflex Group Inc. acquired a new stake in Carpenter Technology in the 4th quarter valued at $44,000. CIBC Private Wealth Group LLC increased its holdings in Carpenter Technology by 109.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 127 shares in the last quarter. Versant Capital Management Inc raised its position in Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company’s stock valued at $65,000 after purchasing an additional 77 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Carpenter Technology by 54.9% during the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company’s stock worth $85,000 after purchasing an additional 167 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the 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 transaction, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRS. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Benchmark boosted their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Cowen restated a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $244.75.

Carpenter Technology Stock Performance

NYSE:CRS opened at $252.69 on Wednesday. The firm has a 50-day moving average of $215.96 and a two-hundred day moving average of $196.95. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. The stock has a market cap of $12.58 billion, a P/E ratio of 35.79, a PEG ratio of 1.05 and a beta of 1.37. Carpenter Technology Corporation has a 1-year low of $95.70 and a 1-year high of $256.52.

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

Carpenter Technology announced that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Carpenter Technology Announces Dividend

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

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.