State of New Jersey Common Pension Fund D Cuts Position in Carpenter Technology Co. (NYSE:CRS)

State of New Jersey Common Pension Fund D reduced its position in shares of Carpenter Technology Co. (NYSE:CRS) by 7.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,227 shares of the basic materials company’s stock after selling 1,416 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Carpenter Technology were worth $2,909,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in Carpenter Technology by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock valued at $406,096,000 after acquiring an additional 15,564 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Carpenter Technology by 129.5% in the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after purchasing an additional 479,047 shares during the period. Wolf Hill Capital Management LP acquired a new position in shares of Carpenter Technology in the second quarter valued at approximately $73,850,000. Bayberry Capital Partners LP purchased a new stake in Carpenter Technology during the 1st quarter worth approximately $35,887,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Carpenter Technology by 1,538.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock worth $34,053,000 after buying an additional 200,364 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $177.03 on Thursday. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The company has a fifty day simple moving average of $156.73 and a 200-day simple moving average of $131.49. The stock has a market cap of $8.82 billion, a P/E ratio of 39.43, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $182.52.

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

Carpenter Technology Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. BTIG Research boosted their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Benchmark restated a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

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.