Beacon Pointe Advisors LLC Makes New Investment in Carpenter Technology Corporation $CRS

Beacon Pointe Advisors LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,855 shares of the basic materials company’s stock, valued at approximately $513,000.

A number of other institutional investors also recently modified their holdings of CRS. Radnor Capital Management LLC grew its holdings in Carpenter Technology by 3.3% in the second quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock worth $343,000 after purchasing an additional 40 shares during the period. ANB Bank raised its holdings in shares of Carpenter Technology by 3.3% during the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock valued at $360,000 after purchasing an additional 42 shares during the period. Panagora Asset Management Inc. boosted its position in shares of Carpenter Technology by 3.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock worth $404,000 after purchasing an additional 43 shares in the last quarter. Gabelli Funds LLC grew its stake in shares of Carpenter Technology by 1.0% in the 1st 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 period. Finally, Tlwm grew its stake in shares of Carpenter Technology by 1.1% in the 2nd quarter. Tlwm now owns 10,274 shares of the basic materials company’s stock valued at $2,840,000 after buying an additional 109 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insiders Place Their Bets

In other news, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $44,240,400. This trade represents a 1.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Elizabeth A. Socci sold 3,900 shares of Carpenter Technology stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the sale, the vice president owned 9,594 shares in the company, valued at $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Down 2.3%

CRS opened at $307.41 on Monday. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $342.11. The firm has a market capitalization of $15.32 billion, a P/E ratio of 37.58, a PEG ratio of 1.29 and a beta of 1.31. The company’s 50-day moving average is $291.73 and its 200 day moving average is $267.33. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm had revenue of $733.70 million during the quarter, compared to analyst estimates of $741.18 million. During the same quarter last year, the business posted $1.73 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Tuesday, October 21st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.78%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRS. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a research note on Thursday, November 13th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. TD Cowen lifted their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $371.14.

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.