Harbor Capital Advisors Inc. Sells 27,835 Shares of Carpenter Technology Corporation $CRS

Harbor Capital Advisors Inc. cut its holdings in Carpenter Technology Corporation (NYSE:CRS) by 61.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 17,120 shares of the basic materials company’s stock after selling 27,835 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Carpenter Technology were worth $4,204,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Radnor Capital Management LLC lifted its stake in Carpenter Technology by 3.3% in the second quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock valued at $343,000 after buying an additional 40 shares in the last quarter. ANB Bank increased its position in shares of Carpenter Technology by 3.3% during the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock worth $360,000 after acquiring an additional 42 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in shares of Carpenter Technology by 3.0% during the second quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock worth $404,000 after acquiring an additional 43 shares during the period. Lazard Asset Management LLC lifted its position in Carpenter Technology by 7.7% in the 2nd quarter. Lazard Asset Management LLC now owns 857 shares of the basic materials company’s stock valued at $236,000 after acquiring an additional 61 shares in the last quarter. Finally, Gabelli Funds LLC lifted its position in Carpenter Technology by 1.0% in the 1st quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company’s stock valued at $1,921,000 after acquiring an additional 100 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

CRS opened at $334.42 on Thursday. The business’s 50-day simple moving average is $310.64 and its 200 day simple moving average is $274.59. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $342.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The firm has a market capitalization of $16.66 billion, a PE ratio of 40.88, a PEG ratio of 1.39 and a beta of 1.31.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. The firm had revenue of $733.70 million for the quarter, compared to analyst estimates of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.73 EPS. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is 9.78%.

Insiders Place Their Bets

In other news, VP Elizabeth A. Socci sold 3,900 shares of Carpenter Technology stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the transaction, the vice president owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This trade represents a 28.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Brian J. Malloy sold 4,130 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the transaction, the chief operating officer owned 78,875 shares in the company, valued at $23,940,140. This represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 79,358 shares of company stock valued at $24,254,008. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRS. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Jones Trading started coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price on the stock. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target for the company in a research report on Thursday, November 13th. Finally, TD Cowen raised their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $371.14.

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.