Carpenter Technology Co. (NYSE:CRS) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. reduced its position in shares of Carpenter Technology Co. (NYSE:CRS) by 87.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,230 shares of the basic materials company’s stock after selling 15,453 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Carpenter Technology were worth $356,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. CIBC Asset Management Inc acquired a new stake in shares of Carpenter Technology during the 3rd quarter worth about $230,000. OneDigital Investment Advisors LLC acquired a new stake in shares of Carpenter Technology during the 3rd quarter worth about $293,000. Curi RMB Capital LLC boosted its position in shares of Carpenter Technology by 0.4% in the third quarter. Curi RMB Capital LLC now owns 149,929 shares of the basic materials company’s stock worth $23,926,000 after acquiring an additional 619 shares during the last quarter. KBC Group NV boosted its position in shares of Carpenter Technology by 13.5% in the third quarter. KBC Group NV now owns 1,355 shares of the basic materials company’s stock worth $216,000 after acquiring an additional 161 shares during the last quarter. Finally, Main Street Financial Solutions LLC acquired a new stake in shares of Carpenter Technology in the third quarter worth approximately $225,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Up 2.0 %

NYSE CRS opened at $175.50 on Monday. Carpenter Technology Co. has a one year low of $58.87 and a one year high of $182.52. The company’s 50 day moving average price is $158.32 and its 200 day moving average price is $132.98. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. The firm has a market capitalization of $8.75 billion, a price-to-earnings ratio of 39.09, a PEG ratio of 0.88 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 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 firm had revenue of $717.60 million for the quarter, compared to analyst estimates of $742.96 million. During the same quarter last year, the firm posted $0.88 earnings per share. Carpenter Technology’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, sell-side analysts predict that Carpenter Technology Co. will post 6.68 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a yield of 0.46%. Carpenter Technology’s payout ratio is 17.82%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRS. BTIG Research raised their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Benchmark reissued a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.