New York State Common Retirement Fund Lowers Stock Position in Carpenter Technology Co. (NYSE:CRS)

New York State Common Retirement Fund cut its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 27.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 118,081 shares of the basic materials company’s stock after selling 43,593 shares during the period. New York State Common Retirement Fund’s holdings in Carpenter Technology were worth $18,843,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. purchased a new stake in shares of Carpenter Technology during the 1st quarter valued at $30,000. Kimelman & Baird LLC purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at $33,000. National Bank of Canada FI purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at $49,000. EverSource Wealth Advisors LLC grew its stake in shares of Carpenter Technology by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after buying an additional 178 shares during the period. Finally, Covestor Ltd boosted its position in Carpenter Technology by 469.2% during the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 685 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $154.23 on Tuesday. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $166.67. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The firm has a market capitalization of $7.69 billion, a P/E ratio of 34.79, a P/E/G ratio of 0.75 and a beta of 1.46. The company’s fifty day moving average price is $151.78 and its two-hundred day moving average price is $126.68.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates 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 in the previous year, the business posted $0.88 EPS. The firm’s revenue was up 10.1% compared to the same quarter last year. On average, research analysts anticipate that Carpenter Technology Co. will post 6.68 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.52%. Carpenter Technology’s dividend payout ratio is currently 17.82%.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of research reports. BTIG Research upped their price target 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 reaffirmed a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.60.

About Carpenter Technology

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.