Harbor Capital Advisors Inc. Lowers Stake in Carpenter Technology Corporation $CRS

Harbor Capital Advisors Inc. cut its stake in Carpenter Technology Corporation (NYSE:CRS) by 37.7% in the 4th quarter, Holdings Channel reports. The fund owned 10,674 shares of the basic materials company’s stock after selling 6,446 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Carpenter Technology were worth $3,361,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CRS. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology during the second quarter valued at about $28,000. Armstrong Advisory Group Inc. lifted its stake in Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 43 shares during the last quarter. Spire Wealth Management lifted its stake in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Carpenter Technology in the 2nd quarter worth about $43,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter worth about $45,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 0.2%

NYSE CRS opened at $392.38 on Friday. The firm has a market cap of $19.54 billion, a PE ratio of 45.57, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $421.12. The stock has a 50-day moving average of $375.93 and a 200-day moving average of $326.24. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.13. The business had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.Carpenter Technology’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the company earned $1.66 EPS. As a group, sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were issued a $0.20 dividend. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.29%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRS. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. BTIG Research increased their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Susquehanna assumed coverage on shares of Carpenter Technology in a research note on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target on the stock. KeyCorp initiated coverage on shares of Carpenter Technology in a report on Wednesday, March 25th. They issued an “overweight” rating and a $380.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $387.11.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 22,300 shares of company stock worth $8,664,044 in the last 90 days. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Company 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.