First Eagle Investment Management LLC Reduces Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

First Eagle Investment Management LLC lessened its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 12.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 130,954 shares of the basic materials company’s stock after selling 18,400 shares during the quarter. First Eagle Investment Management LLC owned about 0.26% of Carpenter Technology worth $14,350,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CRS. Cape Investment Advisory Inc. purchased a new stake in Carpenter Technology in the fourth quarter valued at approximately $29,000. Whittier Trust Co. purchased a new stake in Carpenter Technology in the 1st quarter valued at $30,000. Johnson Financial Group Inc. acquired a new stake in Carpenter Technology during the 4th quarter worth $31,000. Westend Capital Management LLC purchased a new position in Carpenter Technology during the 1st quarter worth $36,000. Finally, National Bank of Canada FI acquired a new position in Carpenter Technology in the second quarter valued at $49,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $154.84 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41. Carpenter Technology Co. has a one year low of $58.87 and a one year high of $155.58. The firm has a market capitalization of $7.68 billion, a P/E ratio of 58.87, a PEG ratio of 0.77 and a beta of 1.45. The company’s fifty day moving average is $136.01 and its two-hundred day moving average is $106.74.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm had revenue of $798.70 million for the quarter, compared to the consensus estimate of $763.76 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. The firm’s revenue was up 5.4% on a year-over-year basis. Analysts forecast that Carpenter Technology Co. will post 6.06 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 27th were paid a $0.20 dividend. 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%.

Analyst Ratings Changes

CRS has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price target on the stock. BTIG Research lifted their target price 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 boosted their target price on Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. Northcoast Research reaffirmed a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a report on Friday, June 14th. Finally, TD Cowen boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology 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.