Harbor Capital Advisors Inc. Sells 6,446 Shares of Carpenter Technology Corporation $CRS

Harbor Capital Advisors Inc. lowered its position in Carpenter Technology Corporation (NYSE:CRS) by 37.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 10,674 shares of the basic materials company’s stock after selling 6,446 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Carpenter Technology were worth $3,361,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRS. Ion Asset Management Ltd. bought a new position in Carpenter Technology in the 3rd quarter worth approximately $4,027,000. American Century Companies Inc. raised its holdings in Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock valued at $114,841,000 after acquiring an additional 18,201 shares during the period. Kinetic Partners Management LP raised its holdings in Carpenter Technology by 15.5% during the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock valued at $94,901,000 after acquiring an additional 51,800 shares during the period. WCM Investment Management LLC lifted its position in shares of Carpenter Technology by 77.9% during the third quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company’s stock worth $86,261,000 after acquiring an additional 156,554 shares in the last quarter. Finally, Bright Futures Wealth Management LLC. purchased a new stake in shares of Carpenter Technology during the third quarter worth $674,000. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Wells Fargo & Company began coverage on Carpenter Technology in a report on Wednesday. They set an “equal weight” rating and a $400.00 price objective on the stock. KeyCorp began coverage on Carpenter Technology in a research note on Wednesday, March 25th. They issued an “overweight” rating and a $380.00 target price for the company. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Finally, BTIG Research upped their price target on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $387.11.

Insider Activity

In related news, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares in the company, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 22,300 shares of company stock worth $8,664,044. Insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 0.2%

CRS opened at $392.38 on Friday. The company has a fifty day moving average price of $375.93 and a 200-day moving average price of $326.24. The firm has a market capitalization of $19.54 billion, a P/E ratio of 45.57, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $421.12.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. The company had revenue of $728.00 million for the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.66 earnings per share. Equities 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, March 5th. Shareholders of record on Tuesday, January 27th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.29%.

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.