Carpenter Technology Corporation $CRS is Navellier & Associates Inc.’s 7th Largest Position

Navellier & Associates Inc. lifted its position in Carpenter Technology Corporation (NYSE:CRS) by 7.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,573 shares of the basic materials company’s stock after purchasing an additional 3,730 shares during the period. Carpenter Technology comprises about 2.6% of Navellier & Associates Inc.’s portfolio, making the stock its 7th biggest holding. Navellier & Associates Inc.’s holdings in Carpenter Technology were worth $32,429,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new stake in Carpenter Technology in the second quarter valued at about $2,978,000. Kinetic Partners Management LP acquired a new position in Carpenter Technology in the second quarter valued at about $19,122,000. Covestor Ltd boosted its holdings in Carpenter Technology by 334.3% during the fourth quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after buying an additional 2,688 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new position in Carpenter Technology during the second quarter worth about $3,095,000. Finally, Peregrine Asset Advisers Inc. acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $4,062,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Down 2.7%

Shares of Carpenter Technology stock opened at $477.32 on Friday. The business’s 50 day simple moving average is $557.70 and its 200 day simple moving average is $473.62. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The firm has a market cap of $23.66 billion, a PE ratio of 45.37, a P/E/G ratio of 1.76 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.21 earnings per share. On average, analysts predict that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s payout ratio is 7.60%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Susquehanna lowered their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Wall Street Zen lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Wells Fargo & Company boosted their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a report on Tuesday, August 4th. KeyCorp lowered their target price on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Finally, TD Cowen increased their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $577.25.

Insider Buying and Selling

In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer owned 439,631 shares of the company’s stock, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 109,721 shares of company stock worth $53,091,824. 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.