Johnson Investment Counsel Inc. Sells 390 Shares of Carpenter Technology Co. (NYSE:CRS)

Johnson Investment Counsel Inc. trimmed its stake in Carpenter Technology Co. (NYSE:CRS) by 13.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,509 shares of the basic materials company’s stock after selling 390 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Carpenter Technology were worth $275,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CRS. Bayberry Capital Partners LP bought a new stake in Carpenter Technology in the first quarter worth $35,887,000. American Century Companies Inc. increased its position in Carpenter Technology by 129.5% during the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after acquiring an additional 479,047 shares during the last quarter. Hawk Ridge Capital Management LP increased its position in Carpenter Technology by 199.1% during the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after acquiring an additional 458,227 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after acquiring an additional 438,781 shares during the last quarter. Finally, Hennessy Advisors Inc. purchased a new stake in Carpenter Technology in the fourth quarter worth about $27,407,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Trading Up 2.0 %

CRS opened at $142.41 on Friday. The firm has a market cap of $7.11 billion, a price-to-earnings ratio of 54.15, a PEG ratio of 0.77 and a beta of 1.45. 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 Co. has a 12 month low of $58.87 and a 12 month high of $148.94. The stock has a fifty day moving average price of $133.83 and a 200-day moving average price of $105.08.

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

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 27th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.80 annualized dividend and a yield of 0.56%. Carpenter Technology’s payout ratio is presently 30.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CRS shares. TD Cowen upped their price objective on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Deutsche Bank Aktiengesellschaft initiated coverage on Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price for the company. Benchmark lifted their target price on Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. BTIG Research raised their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Northcoast Research reissued a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

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.