Harbor Capital Advisors Inc. Trims Position in Carpenter Technology Co. (NYSE:CRS)

Harbor Capital Advisors Inc. trimmed its position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 28.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,647 shares of the basic materials company's stock after selling 20,005 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.10% of Carpenter Technology worth $9,176,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Pictet Asset Management Holding SA boosted its holdings in Carpenter Technology by 14.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after acquiring an additional 877 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Carpenter Technology during the fourth quarter worth about $18,731,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Carpenter Technology by 428.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock valued at $103,714,000 after purchasing an additional 479,985 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of Carpenter Technology by 1.5% in the fourth quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company's stock valued at $1,846,000 after purchasing an additional 160 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in Carpenter Technology by 2.7% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock worth $410,000 after buying an additional 63 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Down 0.2%

NYSE CRS traded down $0.46 on Friday, hitting $248.00. 648,005 shares of the stock were exchanged, compared to its average volume of 781,557. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $256.52. The company has a 50-day moving average price of $212.39 and a 200-day moving average price of $196.14. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The company has a market cap of $12.35 billion, a PE ratio of 46.79, a PEG ratio of 0.93 and a beta of 1.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 EPS. Sell-side analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. Carpenter Technology's dividend payout ratio is currently 11.33%.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CRS. Benchmark raised their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Carpenter Technology presently has a consensus rating of "Moderate Buy" and an average price target of $201.60.

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.