Van ECK Associates Corp Cuts Position in Carpenter Technology Co. (NYSE:CRS)

Van ECK Associates Corp lessened its position in Carpenter Technology Co. (NYSE:CRS) by 39.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,866 shares of the basic materials company’s stock after selling 16,820 shares during the quarter. Van ECK Associates Corp owned 0.05% of Carpenter Technology worth $4,055,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CRS. Kimelman & Baird LLC bought a new position in shares of Carpenter Technology during the 2nd quarter valued at about $33,000. nVerses Capital LLC bought a new position in Carpenter Technology during the third quarter valued at approximately $64,000. National Bank of Canada FI purchased a new position in shares of Carpenter Technology during the second quarter worth approximately $49,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Carpenter Technology by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 178 shares during the last quarter. Finally, Covestor Ltd boosted its stake in shares of Carpenter Technology by 469.2% in the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after purchasing an additional 685 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Benchmark reissued a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. BTIG Research boosted 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. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $139.60.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $177.10 on Friday. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The company has a market cap of $8.83 billion, a price-to-earnings ratio of 39.44, a price-to-earnings-growth ratio of 0.78 and a beta of 1.46. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $179.18. The company has a 50-day moving average price of $154.37 and a 200-day moving average price of $129.15.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $742.96 million. During the same quarter last year, the business posted $0.88 EPS. The business’s revenue was up 10.1% on a year-over-year basis. As a group, equities analysts anticipate that Carpenter Technology Co. will post 6.68 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s payout ratio is currently 17.82%.

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.