PFG Advisors Invests $585,000 in Carpenter Technology Corporation $CRS

PFG Advisors purchased a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,117 shares of the basic materials company’s stock, valued at approximately $585,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Radnor Capital Management LLC boosted its stake in Carpenter Technology by 3.3% during the 2nd quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock valued at $343,000 after purchasing an additional 40 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of Carpenter Technology by 3.9% during the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 58 shares in the last quarter. KLP Kapitalforvaltning AS lifted its holdings in shares of Carpenter Technology by 1.1% during the first quarter. KLP Kapitalforvaltning AS now owns 9,600 shares of the basic materials company’s stock valued at $1,739,000 after purchasing an additional 100 shares in the last quarter. Gabelli Funds LLC boosted its position in shares of Carpenter Technology by 1.0% during the first quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company’s stock valued at $1,921,000 after buying an additional 100 shares during the last quarter. Finally, Tlwm increased its holdings in Carpenter Technology by 1.1% in the 2nd quarter. Tlwm now owns 10,274 shares of the basic materials company’s stock worth $2,840,000 after buying an additional 109 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRS has been the topic of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. BTIG Research increased their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research report on Monday, October 27th. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Cowen restated a “buy” rating on shares of Carpenter Technology in a research note on Friday, October 24th. Finally, Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $369.67.

Carpenter Technology Trading Down 1.4%

Shares of CRS stock opened at $322.88 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The company has a market cap of $16.09 billion, a price-to-earnings ratio of 39.47, a PEG ratio of 1.41 and a beta of 1.47. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $338.08. The firm has a fifty day moving average price of $264.38 and a 200-day moving average price of $254.38.

Carpenter Technology (NYSE:CRS) last released its 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 for the quarter, compared to the consensus estimate of $741.18 million. During the same period in the previous year, the business earned $1.73 earnings per share. Carpenter Technology’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is 9.78%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total transaction of $843,762.74. Following the transaction, the director owned 180,000 shares of the company’s stock, valued at $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the transaction, the director owned 6,732 shares of the company’s stock, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 28,124 shares of company stock worth $6,890,250. Company 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.