Navellier & Associates Inc. Sells 973 Shares of Carpenter Technology Co. (NYSE:CRS)

Navellier & Associates Inc. lessened its stake in Carpenter Technology Co. (NYSE:CRS) by 3.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 27,389 shares of the basic materials company’s stock after selling 973 shares during the period. Navellier & Associates Inc.’s holdings in Carpenter Technology were worth $4,371,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Intech Investment Management LLC increased its position in shares of Carpenter Technology by 302.6% during the third quarter. Intech Investment Management LLC now owns 20,261 shares of the basic materials company’s stock valued at $3,233,000 after purchasing an additional 15,228 shares during the period. Advisors Asset Management Inc. boosted its stake in Carpenter Technology by 5.2% during the third quarter. Advisors Asset Management Inc. now owns 25,613 shares of the basic materials company’s stock worth $4,087,000 after buying an additional 1,260 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in Carpenter Technology in the 3rd quarter valued at $65,000. Strengthening Families & Communities LLC raised its stake in shares of Carpenter Technology by 0.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock valued at $2,763,000 after buying an additional 100 shares in the last quarter. Finally, Quest Partners LLC raised its stake in shares of Carpenter Technology by 68.1% in the 3rd quarter. Quest Partners LLC now owns 3,624 shares of the basic materials company’s stock valued at $578,000 after buying an additional 1,468 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Trading Down 2.0 %

Shares of CRS stock opened at $180.73 on Thursday. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $9.01 billion, a P/E ratio of 40.25, a P/E/G ratio of 0.94 and a beta of 1.46. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $187.03. The firm has a 50-day moving average price of $161.07 and a 200 day moving average price of $134.43.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. The company had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. Carpenter Technology’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 earnings per share. Research analysts forecast that Carpenter Technology Co. will post 6.61 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s payout ratio is presently 17.82%.

Analysts Set New Price Targets

CRS has been the topic of a number of analyst reports. Benchmark reissued a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a research note on Friday, October 25th. BTIG Research increased their target price on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus price target of $139.60.

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.