Van ECK Associates Corp Trims Stake in Carpenter Technology Co. (NYSE:CRS)

Van ECK Associates Corp lessened its position in Carpenter Technology Co. (NYSE:CRS) by 39.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,866 shares of the basic materials company’s stock after selling 16,820 shares during the quarter. Van ECK Associates Corp’s holdings in Carpenter Technology were worth $4,055,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Carpenter Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after purchasing an additional 15,564 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Carpenter Technology by 129.5% in the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock worth $93,044,000 after acquiring an additional 479,047 shares in the last quarter. Wolf Hill Capital Management LP purchased a new position in Carpenter Technology during the 2nd quarter valued at about $73,850,000. Bayberry Capital Partners LP purchased a new stake in Carpenter Technology in the first quarter worth about $35,887,000. Finally, Assenagon Asset Management S.A. grew its holdings in Carpenter Technology by 1,538.1% in the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock worth $34,053,000 after purchasing an additional 200,364 shares during the period. 92.03% of the stock is currently owned by institutional investors.

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 price target on shares of Carpenter Technology in a research report on Friday, October 25th. BTIG Research boosted 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 investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $139.60.

Carpenter Technology Trading Up 1.3 %

NYSE:CRS opened at $177.10 on Friday. The stock has a market cap of $8.83 billion, a price-to-earnings ratio of 39.44, a PEG ratio of 0.78 and a beta of 1.46. 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’s 50 day moving average price is $154.37 and its 200-day moving average price is $129.15. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $179.18.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The business had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 EPS. On average, equities research analysts forecast that Carpenter Technology Co. will post 6.68 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 17.82%.

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.