Navellier & Associates Inc. Increases Position in Carpenter Technology Corporation $CRS

Navellier & Associates Inc. boosted its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 7.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,573 shares of the basic materials company’s stock after purchasing an additional 3,730 shares during the quarter. Carpenter Technology comprises about 2.6% of Navellier & Associates Inc.’s portfolio, making the stock its 7th biggest position. Navellier & Associates Inc. owned 0.11% of Carpenter Technology worth $32,429,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CRS. Keating Financial Advisory Services Inc. purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Carpenter Technology during the 1st quarter worth $30,000. SJS Investment Consulting Inc. increased its stake in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after buying an additional 36 shares during the period. Persistent Asset Partners Ltd purchased a new position in shares of Carpenter Technology during the second quarter valued at $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Carpenter Technology in the second quarter valued at about $56,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $477.32 on Friday. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The business’s fifty day simple moving average is $557.70 and its 200-day simple moving average is $473.62. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The company has a market cap of $23.66 billion, a PE ratio of 45.37, a PEG ratio of 1.76 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share 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 firm had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter last year, the firm earned $2.21 EPS. The business’s quarterly revenue was up 12.6% on a year-over-year basis. Analysts expect that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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 paid a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 7.60%.

Insider Activity

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the sale, 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. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 109,721 shares of company stock valued at $53,091,824. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

CRS has been the subject of several recent research reports. Wells Fargo & Company boosted their price target 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 dropped their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Susquehanna cut their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $577.25.

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.