United Capital Financial Advisors LLC Takes Position in Carpenter Technology Corporation $CRS

United Capital Financial 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 disclosure with the Securities and Exchange Commission. The fund purchased 1,054 shares of the basic materials company’s stock, valued at approximately $650,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dearborn Partners LLC acquired a new position in Carpenter Technology in the 2nd quarter worth $2,190,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Carpenter Technology during the second quarter worth about $8,864,000. Capstone Investment Advisors LLC purchased a new stake in shares of Carpenter Technology during the second quarter worth about $2,302,000. Proficio Capital Partners LLC acquired a new position in shares of Carpenter Technology in the second quarter worth about $924,000. Finally, Transamerica Financial Advisors LLC acquired a new position in shares of Carpenter Technology in the second quarter worth about $13,835,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CRS. KeyCorp lowered their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. BTIG Research raised their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Susquehanna dropped their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Wall Street Zen downgraded shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $577.25.

Insider Activity at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the firm’s 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 in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the sale, the chief executive officer owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 109,721 shares of company stock worth $53,091,824. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 0.1%

Shares of Carpenter Technology stock opened at $476.72 on Tuesday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The firm has a market cap of $23.63 billion, a P/E ratio of 45.32, a P/E/G ratio of 1.71 and a beta of 1.25. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The business has a 50-day moving average price of $555.47 and a 200 day moving average price of $475.21.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same quarter last year, the business posted $2.21 EPS. Carpenter Technology’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, sell-side analysts forecast that Carpenter Technology Corporation will post 13.09 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

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