State Street Corp Decreases Stake in Carpenter Technology Co. (NYSE:CRS)

State Street Corp cut its position in Carpenter Technology Co. (NYSE:CRS) by 9.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,538,389 shares of the basic materials company’s stock after selling 279,545 shares during the period. State Street Corp owned 0.05% of Carpenter Technology worth $405,076,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Systematic Financial Management LP acquired a new stake in Carpenter Technology in the third quarter valued at $222,000. Morse Asset Management Inc acquired a new stake in shares of Carpenter Technology during the 3rd quarter worth about $84,000. Holocene Advisors LP purchased a new stake in Carpenter Technology during the third quarter worth approximately $17,337,000. Centiva Capital LP boosted its holdings in Carpenter Technology by 143.4% in the third quarter. Centiva Capital LP now owns 8,584 shares of the basic materials company’s stock valued at $1,370,000 after purchasing an additional 5,057 shares in the last quarter. Finally, Cinctive Capital Management LP purchased a new position in Carpenter Technology in the third quarter valued at approximately $4,384,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $184.21 on Tuesday. 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 stock has a market cap of $9.18 billion, a P/E ratio of 41.03, a P/E/G ratio of 0.97 and a beta of 1.52. The stock has a 50 day moving average of $171.49 and a two-hundred day moving average of $142.46. Carpenter Technology Co. has a twelve month low of $58.87 and a twelve month high of $198.24.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The firm 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 prior year, the business earned $0.88 EPS. On average, research analysts forecast that Carpenter Technology Co. will post 6.74 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 17.82%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRS. JPMorgan Chase & Co. initiated coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. Benchmark reiterated a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $153.00.

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.