Private Advisor Group LLC Decreases Stock Position in Carpenter Technology Co. (NYSE:CRS)

Private Advisor Group LLC trimmed its position in shares of Carpenter Technology Co. (NYSE:CRS) by 10.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,104 shares of the basic materials company’s stock after selling 621 shares during the quarter. Private Advisor Group LLC’s holdings in Carpenter Technology were worth $559,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new stake in shares of Carpenter Technology during the fourth quarter worth $29,000. Whittier Trust Co. purchased a new stake in Carpenter Technology during the 1st quarter valued at about $30,000. Johnson Financial Group Inc. acquired a new stake in Carpenter Technology in the 4th quarter valued at about $31,000. National Bank of Canada FI purchased a new position in Carpenter Technology in the 2nd quarter worth approximately $49,000. Finally, Westend Capital Management LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth approximately $36,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on CRS. TD Cowen increased their price target on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. BTIG Research lifted their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Benchmark boosted their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Northcoast Research restated a “sell” rating and set a $89.00 price objective on shares of Carpenter Technology in a research report on Friday, June 14th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Stock Up 2.6 %

Shares of CRS opened at $146.98 on Thursday. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. The firm has a market cap of $7.29 billion, a P/E ratio of 55.89, a price-to-earnings-growth ratio of 0.77 and a beta of 1.45. The company’s 50-day moving average price is $135.25 and its 200 day moving average price is $106.45. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $151.55.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. The firm had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company posted $0.78 EPS. On average, sell-side analysts forecast that Carpenter Technology Co. will post 6.06 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 27th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.54%. Carpenter Technology’s payout ratio is presently 30.42%.

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.