Concurrent Investment Advisors LLC Has $826,000 Stock Position in Carpenter Technology Corporation $CRS

Concurrent Investment Advisors LLC lessened its position in Carpenter Technology Corporation (NYSE:CRS) by 44.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,988 shares of the basic materials company’s stock after selling 2,386 shares during the period. Concurrent Investment Advisors LLC’s holdings in Carpenter Technology were worth $826,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Egerton Capital UK LLP bought a new stake in Carpenter Technology during the 1st quarter valued at $329,727,000. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 37.1% during the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after buying an additional 570,441 shares during the last quarter. Nuveen LLC acquired a new position in shares of Carpenter Technology during the first quarter valued at about $63,136,000. Driehaus Capital Management LLC increased its position in shares of Carpenter Technology by 79.2% during the first quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock worth $103,806,000 after acquiring an additional 253,163 shares in the last quarter. Finally, Forest Avenue Capital Management LP raised its holdings in shares of Carpenter Technology by 81.8% in the 1st quarter. Forest Avenue Capital Management LP now owns 548,067 shares of the basic materials company’s stock worth $99,299,000 after acquiring an additional 246,599 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Down 1.8%

Shares of CRS stock opened at $237.93 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 32.07, a PEG ratio of 1.10 and a beta of 1.46. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $290.84. The company has a 50-day simple moving average of $244.26 and a two-hundred day simple moving average of $236.85.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to analysts’ expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.82 EPS. Research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is 10.78%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CRS shares. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. BTIG Research reissued a “buy” rating on shares of Carpenter Technology in a research note on Monday, August 4th. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $278.33.

Insider Activity

In related news, Director I Martin Inglis sold 5,691 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares in the company, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. This represents a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 in the last ninety days. 2.90% of the stock is currently owned by insiders.

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.