HighTower Advisors LLC Lowers Position in Carpenter Technology Co. (NYSE:CRS)

HighTower Advisors LLC decreased its stake in Carpenter Technology Co. (NYSE:CRS) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,192 shares of the basic materials company’s stock after selling 152 shares during the quarter. HighTower Advisors LLC’s holdings in Carpenter Technology were worth $2,263,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CRS. FMR LLC grew its stake in shares of Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after acquiring an additional 1,108,963 shares during the period. Wolf Hill Capital Management LP bought a new position in shares of Carpenter Technology in the second quarter worth approximately $73,850,000. American Century Companies Inc. increased its stake in shares of Carpenter Technology by 129.5% in the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock worth $93,044,000 after purchasing an additional 479,047 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Carpenter Technology by 1,538.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock valued at $34,053,000 after purchasing an additional 200,364 shares during the period. Finally, Forest Avenue Capital Management LP purchased a new position in shares of Carpenter Technology during the 3rd quarter valued at $25,262,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

CRS opened at $174.09 on Friday. 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 stock has a market capitalization of $8.68 billion, a price-to-earnings ratio of 38.77, a PEG ratio of 0.90 and a beta of 1.52. The company has a fifty day moving average of $173.18 and a 200 day moving average of $143.92. Carpenter Technology Co. has a fifty-two week low of $58.87 and a fifty-two week high of $198.24.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. The firm had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 earnings per share. As a group, sell-side analysts forecast that Carpenter Technology Co. will post 6.74 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Tuesday, October 22nd. Carpenter Technology’s payout ratio is 17.82%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Benchmark reiterated 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 objective for the company. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $153.00.

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.