Carpenter Technology Co. (NYSE:CRS) Stock Position Reduced by Granite Investment Partners LLC

Granite Investment Partners LLC cut its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 52.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 172,181 shares of the basic materials company’s stock after selling 187,979 shares during the period. Granite Investment Partners LLC owned about 0.35% of Carpenter Technology worth $18,868,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CWM LLC lifted its stake in Carpenter Technology by 12.6% in the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 103 shares during the last quarter. GAMMA Investing LLC lifted its stake in Carpenter Technology by 9.2% in the second quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock valued at $177,000 after acquiring an additional 136 shares during the last quarter. American International Group Inc. lifted its stake in Carpenter Technology by 0.7% in the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after acquiring an additional 188 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Carpenter Technology by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after acquiring an additional 215 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Carpenter Technology by 1.1% in the first quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock valued at $1,835,000 after acquiring an additional 281 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRS has been the subject of a number of analyst reports. TD Cowen lifted their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Benchmark boosted their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Northcoast Research restated a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a research note on Friday, June 14th. BTIG Research boosted their price objective 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. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $154.84 on Friday. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 58.87, a PEG ratio of 0.77 and a beta of 1.45. Carpenter Technology Co. has a 1-year low of $58.87 and a 1-year high of $155.58. The firm has a fifty day simple moving average of $136.01 and a 200-day simple moving average of $106.74. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.51 by $0.31. The firm had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 EPS. On average, sell-side analysts expect that Carpenter Technology Co. will post 6.06 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 27th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.52%. The ex-dividend date was Tuesday, August 27th. Carpenter Technology’s payout ratio is currently 30.42%.

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.