Proficio Capital Partners LLC Makes New Investment in Carpenter Technology Corporation $CRS

Proficio Capital Partners LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,497 shares of the basic materials company’s stock, valued at approximately $924,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $28,000. Keating Financial Advisory Services Inc. bought a new stake in Carpenter Technology during the second quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Carpenter Technology in the first quarter valued at $30,000. SJS Investment Consulting Inc. boosted its position in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 36 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Carpenter Technology in the second quarter valued at $43,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of research reports. TD Cowen upped their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. reduced their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology Trading Down 0.6%

Shares of NYSE:CRS opened at $483.19 on Thursday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The business’s 50 day simple moving average is $561.77 and its 200 day simple moving average is $472.72. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company has a market capitalization of $23.95 billion, a P/E ratio of 45.93, a P/E/G ratio of 1.74 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.Carpenter Technology’s revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.21 EPS. On average, research analysts anticipate that Carpenter Technology Corporation will post 13.08 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Insider Buying and Selling

In other news, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.90% of the stock is currently owned by company insiders.

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.