Harbor Capital Advisors Inc. Has $12.43 Million Stock Holdings in Carpenter Technology Corporation $CRS

Key Points

• Harbor Capital Advisors Inc. has reduced its stake in Carpenter Technology Corporation by 11.2%, selling 5,692 shares and holding approximately 44,955 shares valued at $12.4 million.
• Analysts have rated Carpenter Technology with a consensus of "Moderate Buy," with price targets raised significantly, reflecting confidence in the company after it reported better-than-expected earnings.
• Carpenter Technology recently declared a quarterly dividend of $0.20 per share, translating to an annual yield of 0.3%, and the company's payout ratio stands at 10.78%.

Harbor Capital Advisors Inc. cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 11.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,955 shares of the basic materials company's stock after selling 5,692 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.09% of Carpenter Technology worth $12,425,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Cetera Investment Advisers raised its holdings in Carpenter Technology by 13.4% in the 4th quarter. Cetera Investment Advisers now owns 12,048 shares of the basic materials company's stock valued at $2,045,000 after acquiring an additional 1,423 shares in the last quarter. Gotham Asset Management LLC boosted its stake in shares of Carpenter Technology by 54.8% in the fourth quarter. Gotham Asset Management LLC now owns 4,493 shares of the basic materials company's stock valued at $763,000 after buying an additional 1,591 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Carpenter Technology during the fourth quarter worth $1,120,000. ProShare Advisors LLC increased its holdings in Carpenter Technology by 57.7% in the fourth quarter. ProShare Advisors LLC now owns 15,736 shares of the basic materials company's stock valued at $2,671,000 after purchasing an additional 5,759 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Carpenter Technology during the 4th quarter worth about $11,973,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 2.9%

CRS traded down $7.22 on Friday, hitting $239.52. The company had a trading volume of 3,772,191 shares, compared to its average volume of 778,042. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $290.84. The firm has a market capitalization of $11.94 billion, a P/E ratio of 32.28, a P/E/G ratio of 1.12 and a beta of 1.52. The stock has a fifty day simple moving average of $254.20 and a 200-day simple moving average of $229.03.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.82 EPS. As a group, equities analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Carpenter Technology's dividend payout ratio is currently 10.78%.

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director I Martin Inglis sold 5,691 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the sale, the director owned 6,732 shares in the company, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,124 shares of company stock worth $6,890,250. Insiders own 2.90% of the company's stock.

Analyst Ratings Changes

CRS has been the subject of a number of recent research reports. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

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.