Proficio Capital Partners LLC Buys New Holdings in Carpenter Technology Corporation $CRS

Proficio Capital Partners LLC purchased a new position in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,497 shares of the basic materials company’s stock, valued at approximately $924,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Carpenter Technology in the 2nd quarter valued at $3,834,623,000. State Street Corp increased its stake in shares of Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after acquiring an additional 192,533 shares during the period. Invesco Ltd. raised its holdings in shares of Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after purchasing an additional 327,302 shares during the last quarter. Egerton Capital UK LLP raised its holdings in shares of Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after purchasing an additional 178,679 shares during the last quarter. Finally, SurgoCap Partners LP lifted its position in Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after purchasing an additional 272,896 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 109,721 shares of company stock worth $53,091,824 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CRS. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. KeyCorp reduced 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. TD Cowen upped their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Wells Fargo & Company lifted their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. One equities research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $577.25.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $472.19 on Wednesday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98. The business has a 50-day moving average price of $553.33 and a 200 day moving average price of $475.93. The firm has a market cap of $23.40 billion, a PE ratio of 44.88, a P/E/G ratio of 1.68 and a beta of 1.26.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (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 in the prior year, the business posted $2.21 earnings per share. Carpenter Technology’s revenue for the quarter was up 12.6% on a year-over-year basis. Sell-side analysts predict that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology 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.