Integrated Wealth Concepts LLC Buys 1,591 Shares of Carpenter Technology Corporation $CRS

Integrated Wealth Concepts LLC grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 23.6% during the second quarter, HoldingsChannel.com reports. The fund owned 8,339 shares of the basic materials company’s stock after buying an additional 1,591 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Carpenter Technology were worth $5,144,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. California State Teachers Retirement System raised its holdings in shares of Carpenter Technology by 58,677.5% during the second quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company’s stock valued at $20,906,110,000 after purchasing an additional 33,834,612 shares during the last quarter. BlackRock Inc. bought a new position in shares of Carpenter Technology during the 2nd quarter valued at $3,834,623,000. Jennison Associates LLC purchased a new position in shares of Carpenter Technology in the 1st quarter worth $317,411,000. SurgoCap Partners LP bought a new stake in shares of Carpenter Technology in the second quarter worth $423,444,000. Finally, Sands Capital Management LLC bought a new stake in shares of Carpenter Technology in the fourth quarter worth $195,731,000. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Trading Down 1.2%

CRS stock opened at $442.99 on Friday. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company has a market capitalization of $21.95 billion, a price-to-earnings ratio of 42.11, a PEG ratio of 1.59 and a beta of 1.26. The business has a 50 day simple moving average of $531.19 and a two-hundred day simple moving average of $479.87.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating 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 business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same quarter in the prior year, the firm earned $2.21 EPS. The business’s revenue was up 12.6% on a year-over-year basis. Research analysts anticipate that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were given a dividend of $0.20 per share. 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 payout ratio is currently 7.60%.

Insider Activity at Carpenter Technology

In other news, Director Steven E. Karol sold 3,275 shares of the stock in a transaction that occurred 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 sale, the director directly owned 177,000 shares in the company, valued at approximately $83,912,160. This represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. The trade was a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 112,996 shares of company stock worth $54,644,436. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CRS shares. TD Cowen boosted their price target on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. BTIG Research increased their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. KeyCorp dropped their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. JPMorgan Chase & Co. cut their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology has a consensus rating of “Buy” and a consensus price target of $577.25.

About Carpenter Technology

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.