Virtu Financial LLC Makes New $2.78 Million Investment in Carpenter Technology Corporation $CRS

Virtu Financial LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 8,829 shares of the basic materials company’s stock, valued at approximately $2,780,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CRS. Vinland Capital Management Gestora de Recursos LTDA. purchased a new stake in shares of Carpenter Technology during the 4th quarter worth $152,000. Dorsey Wright & Associates grew its stake in shares of Carpenter Technology by 3.2% during the fourth quarter. Dorsey Wright & Associates now owns 39,012 shares of the basic materials company’s stock worth $12,283,000 after purchasing an additional 1,216 shares in the last quarter. Invesco Ltd. grew its stake in shares of Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after purchasing an additional 327,302 shares in the last quarter. Axxcess Wealth Management LLC increased its holdings in Carpenter Technology by 60.6% in the fourth quarter. Axxcess Wealth Management LLC now owns 2,213 shares of the basic materials company’s stock valued at $697,000 after buying an additional 835 shares during the last quarter. Finally, Corient Private Wealth LLC purchased a new position in Carpenter Technology in the fourth quarter valued at $386,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRS. Susquehanna upped their price objective on Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. BTIG Research upped their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. KeyCorp lifted their target price on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $458.62.

Carpenter Technology Trading Up 1.8%

NYSE CRS opened at $585.78 on Friday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $29.11 billion, a P/E ratio of 61.66, a P/E/G ratio of 1.98 and a beta of 1.25. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $593.18. The firm has a 50-day moving average price of $460.51 and a 200 day moving average price of $391.55.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 EPS. Equities research analysts expect that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were given a $0.20 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology’s dividend payout ratio is presently 8.42%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the business’s 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 in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company’s stock.

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.