Beacon Harbor Wealth Advisors Inc. Takes Position in Carpenter Technology Corporation $CRS

Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 25,357 shares of the basic materials company’s stock, valued at approximately $7,008,000. Carpenter Technology accounts for 1.7% of Beacon Harbor Wealth Advisors Inc.’s holdings, making the stock its 21st biggest holding. Beacon Harbor Wealth Advisors Inc. owned 0.05% of Carpenter Technology as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. M&T Bank Corp increased its holdings in shares of Carpenter Technology by 3.9% in the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock worth $279,000 after acquiring an additional 58 shares in the last quarter. CWM LLC increased its stake in Carpenter Technology by 23.0% during the 1st quarter. CWM LLC now owns 2,130 shares of the basic materials company’s stock worth $386,000 after purchasing an additional 398 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Carpenter Technology by 40.3% during the 1st quarter. Victory Capital Management Inc. now owns 22,408 shares of the basic materials company’s stock worth $4,060,000 after buying an additional 6,438 shares during the period. Morse Asset Management Inc raised its holdings in Carpenter Technology by 18.5% during the 1st quarter. Morse Asset Management Inc now owns 802 shares of the basic materials company’s stock worth $145,000 after buying an additional 125 shares during the period. Finally, IFP Advisors Inc lifted its stake in Carpenter Technology by 1,121.7% in the first quarter. IFP Advisors Inc now owns 562 shares of the basic materials company’s stock valued at $102,000 after buying an additional 516 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the sale, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the transaction, the director directly owned 6,732 shares of the company’s stock, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $330.36 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The business has a 50-day moving average of $269.64 and a 200-day moving average of $256.32. The stock has a market capitalization of $16.46 billion, a price-to-earnings ratio of 40.39, a PEG ratio of 1.41 and a beta of 1.47. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $342.11.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. The business 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%.Carpenter Technology’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 earnings per share. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s payout ratio is presently 9.78%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRS. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the stock a “buy” rating in a report on Friday, October 24th. TD Cowen boosted their price target on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a report on Friday, October 24th. BTIG Research increased their price objective on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Finally, Jones Trading initiated 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. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $371.14.

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.