Proficio Capital Partners LLC Buys New Holdings in Carpenter Technology Corporation $CRS

Proficio Capital Partners LLC bought a new position in Carpenter Technology Corporation (NYSE:CRS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,497 shares of the basic materials company’s stock, valued at approximately $924,000.

A number of other hedge funds have also modified their holdings of CRS. Transamerica Financial Advisors LLC bought a new position in Carpenter Technology in the second quarter valued at approximately $13,835,000. Corient Private Wealth LP acquired a new position in Carpenter Technology during the second quarter worth $3,053,000. Ausdal Financial Partners Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $857,000. Bank of America Corp DE acquired a new stake in shares of Carpenter Technology in the second quarter valued at approximately $185,192,000. Finally, Advent International L.P. acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth about $73,769,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

CRS stock opened at $483.19 on Thursday. The company has a 50-day moving average price of $561.77 and a 200 day moving average price of $472.72. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The stock has a market cap of $23.95 billion, a PE ratio of 45.93, a P/E/G ratio of 1.74 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.21 EPS. Equities research analysts anticipate that Carpenter Technology Corporation will post 13.08 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company boosted their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. TD Cowen lifted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Finally, Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Carpenter Technology has a consensus rating of “Buy” and a consensus price target of $577.25.

Insider Activity

In other Carpenter Technology news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.90% of the company’s stock.

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.