Park Avenue Securities LLC Buys New Shares in Carpenter Technology Co. (NYSE:CRS)

Park Avenue Securities LLC purchased a new position in shares of Carpenter Technology Co. (NYSE:CRS) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,469 shares of the basic materials company’s stock, valued at approximately $419,000.

A number of other large investors also recently modified their holdings of the business. FMR LLC increased its holdings in Carpenter Technology by 47.1% during the third quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after buying an additional 1,108,963 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake 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 valued at $34,053,000 after acquiring an additional 200,364 shares during the last quarter. Forest Avenue Capital Management LP bought a new position in shares of Carpenter Technology in the 3rd quarter valued at about $25,262,000. WCM Investment Management LLC acquired a new position in shares of Carpenter Technology during the 3rd quarter worth about $18,868,000. Finally, Holocene Advisors LP bought a new stake in shares of Carpenter Technology in the 3rd quarter valued at about $17,337,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. initiated coverage on Carpenter Technology in a report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price target for the company. Benchmark reissued a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $153.00.

Carpenter Technology Stock Performance

Shares of NYSE CRS opened at $210.59 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 46.90, a P/E/G ratio of 0.98 and a beta of 1.55. The stock’s fifty day moving average price is $186.11 and its two-hundred day moving average price is $160.53. Carpenter Technology Co. has a one year low of $58.87 and a one year high of $213.65.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same period in the prior year, the company posted $0.88 earnings per share. Carpenter Technology’s revenue was up 10.1% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology Co. will post 6.77 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, January 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. Carpenter Technology’s dividend payout ratio is presently 17.82%.

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.