Beacon Pointe Advisors LLC Takes $513,000 Position in Carpenter Technology Corporation $CRS

Beacon Pointe Advisors LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,855 shares of the basic materials company’s stock, valued at approximately $513,000.

Other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership bought a new stake in Carpenter Technology during the second quarter worth $533,000. Blueshift Asset Management LLC acquired a new position in shares of Carpenter Technology during the 2nd quarter worth $355,000. Quantbot Technologies LP bought a new stake in shares of Carpenter Technology during the 2nd quarter worth $80,000. M&T Bank Corp boosted its stake in Carpenter Technology by 16.9% in the second quarter. M&T Bank Corp now owns 1,801 shares of the basic materials company’s stock valued at $498,000 after buying an additional 260 shares in the last quarter. Finally, Edgestream Partners L.P. boosted its stake in Carpenter Technology by 205.5% in the second quarter. Edgestream Partners L.P. now owns 30,603 shares of the basic materials company’s stock valued at $8,458,000 after buying an additional 20,586 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on CRS shares. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. Jones Trading assumed coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price on the stock. KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research note on Thursday, November 13th. Finally, Cowen reiterated a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Stock Down 2.3%

Shares of NYSE:CRS opened at $307.41 on Monday. The firm has a market cap of $15.32 billion, a P/E ratio of 37.58, a P/E/G ratio of 1.29 and a beta of 1.31. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $342.11. The business has a fifty day simple moving average of $291.73 and a 200 day simple moving average of $267.33. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The company had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. During the same quarter in the prior year, the firm posted $1.73 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, October 21st. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.78%.

Insider Buying and Selling

In related news, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the transaction, the director owned 180,000 shares in the company, valued at $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the sale, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. This trade represents a 28.90% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by insiders.

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.