Proficio Capital Partners LLC Takes $924,000 Position in Carpenter Technology Corporation $CRS

Proficio Capital Partners LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the second quarter, HoldingsChannel reports. The firm purchased 1,497 shares of the basic materials company’s stock, valued at approximately $924,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRS. Sanctuary Advisors LLC acquired a new position in Carpenter Technology in the second quarter valued at about $2,978,000. Kinetic Partners Management LP purchased a new position in Carpenter Technology in the 2nd quarter valued at approximately $19,122,000. Covestor Ltd grew its stake in Carpenter Technology by 334.3% during the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after purchasing an additional 2,688 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of Carpenter Technology during the second quarter worth about $3,095,000. Finally, SteelPeak Wealth LLC acquired a new position in Carpenter Technology during the 1st quarter worth approximately $2,593,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Shares of CRS opened at $472.19 on Wednesday. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The stock has a market cap of $23.40 billion, a P/E ratio of 44.88, a PEG ratio of 1.68 and a beta of 1.26. The company has a 50-day moving average of $553.33 and a two-hundred day moving average of $475.93.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating 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 firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter in the prior year, the firm earned $2.21 EPS. Carpenter Technology’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, research analysts predict that Carpenter Technology Corporation will post 13.28 EPS 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 issued a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

Analyst Ratings Changes

Several research analysts have recently issued reports on CRS shares. BTIG Research upped their price objective on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report 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. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. cut their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, Susquehanna cut their target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $577.25.

Insider Activity

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Tony R. Thene sold 57,456 shares of Carpenter Technology stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. The trade was a 11.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 109,721 shares of company stock worth $53,091,824 over the last quarter. 2.90% of the stock is currently owned by company 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.