Millrace Asset Group Inc. Sells 3,012 Shares of Carpenter Technology Co. (NYSE:CRS)

Millrace Asset Group Inc. trimmed its position in Carpenter Technology Co. (NYSE:CRS) by 22.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,409 shares of the basic materials company’s stock after selling 3,012 shares during the period. Carpenter Technology makes up approximately 1.7% of Millrace Asset Group Inc.’s holdings, making the stock its 26th biggest holding. Millrace Asset Group Inc.’s holdings in Carpenter Technology were worth $1,661,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC raised its position in Carpenter Technology by 47.1% during the 3rd 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. Wolf Hill Capital Management LP purchased a new stake in shares of Carpenter Technology in the 2nd quarter valued at $73,850,000. American Century Companies Inc. increased 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 worth $93,044,000 after acquiring an additional 479,047 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of 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 acquiring an additional 200,364 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Carpenter Technology during the second quarter worth $13,248,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Trading Up 2.2 %

Shares of CRS stock opened at $195.23 on Tuesday. Carpenter Technology Co. has a 1-year low of $58.87 and a 1-year high of $197.68. The company has a market cap of $9.73 billion, a price-to-earnings ratio of 43.48, a PEG ratio of 0.97 and a beta of 1.46. 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 stock has a 50 day simple moving average of $163.94 and a 200-day simple moving average of $136.46.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (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 last year, the firm posted $0.88 earnings per share. The company’s revenue was up 10.1% compared to the same quarter last year. On average, equities research analysts expect that Carpenter Technology Co. will post 6.61 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.41%. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of recent research reports. BTIG Research lifted their price objective on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Benchmark reissued a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. began coverage on Carpenter Technology in a research report on Friday. They issued an “overweight” rating and a $220.00 price objective on the stock. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $153.00.

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.