Fmr LLC Boosts Stake in Carpenter Technology Co. (NYSE:CRS)

Fmr LLC grew its position in shares of Carpenter Technology Co. (NYSE:CRS) by 47.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 3,465,295 shares of the basic materials company’s stock after acquiring an additional 1,108,963 shares during the period. Fmr LLC owned about 6.95% of Carpenter Technology worth $552,992,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Comerica Bank grew its stake in shares of Carpenter Technology by 170.3% in the 1st quarter. Comerica Bank now owns 67,380 shares of the basic materials company’s stock worth $4,812,000 after buying an additional 42,449 shares during the last quarter. Bright Futures Wealth Management LLC. purchased a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $202,000. GAMMA Investing LLC grew its stake in shares of Carpenter Technology by 9.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after buying an additional 136 shares during the last quarter. Moody National Bank Trust Division purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $1,208,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Carpenter Technology by 227.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 40,438 shares of the basic materials company’s stock worth $4,431,000 after buying an additional 28,098 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CRS shares. Benchmark restated a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. started coverage on Carpenter Technology in a research note on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price target on the stock. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $153.00.

Carpenter Technology Stock Performance

Shares of CRS opened at $194.46 on Friday. The business’s fifty day simple moving average is $165.95 and its two-hundred day simple moving average is $137.50. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $198.24. The company has a market cap of $9.69 billion, a price-to-earnings ratio of 43.31, a P/E/G ratio of 0.99 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last issued its 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 return on equity of 18.01% and a net margin of 8.05%. The business had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same period last year, the business posted $0.88 EPS. The company’s revenue was up 10.1% compared to the same quarter last year. Research analysts anticipate that Carpenter Technology Co. will post 6.61 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.41%. Carpenter Technology’s payout ratio is 17.82%.

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.