Bank of Montreal Can Trims Holdings in Carpenter Technology Co. (NYSE:CRS)

Bank of Montreal Can decreased its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 44.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,368 shares of the basic materials company's stock after selling 34,179 shares during the quarter. Bank of Montreal Can owned about 0.09% of Carpenter Technology worth $6,896,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRS. American Century Companies Inc. increased its position in Carpenter Technology by 129.5% during 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 during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Carpenter Technology by 15.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company's stock worth $122,794,000 after buying an additional 103,559 shares during the last quarter. Wolf Hill Capital Management LP purchased a new position in shares of Carpenter Technology in the 2nd quarter worth $73,850,000. Fisher Asset Management LLC boosted its holdings in Carpenter Technology by 3.9% in the third quarter. Fisher Asset Management LLC now owns 364,312 shares of the basic materials company's stock valued at $58,137,000 after acquiring an additional 13,815 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Carpenter Technology by 1,538.1% in the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company's stock valued at $34,053,000 after acquiring an additional 200,364 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 1.1 %

Shares of CRS traded down $2.09 during midday trading on Tuesday, reaching $192.68. 392,104 shares of the company were exchanged, compared to its average volume of 569,605. 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 1-year low of $58.87 and a 1-year high of $198.24. The company has a market cap of $9.61 billion, a price-to-earnings ratio of 42.91, a P/E/G ratio of 0.97 and a beta of 1.52. The stock has a 50-day moving average price of $168.23 and a 200-day moving average price of $139.56.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.15. The firm had revenue of $717.60 million during the quarter, compared to analysts' expectations of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. Carpenter Technology's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 EPS. Research analysts expect that Carpenter Technology Co. will post 6.74 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company 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 dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology's payout ratio is 17.82%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRS. Benchmark restated a "buy" rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. JPMorgan Chase & Co. initiated coverage on shares of Carpenter Technology in a report on Friday, November 22nd. They issued an "overweight" rating and a $220.00 price target on the stock. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, Carpenter Technology has a consensus rating of "Moderate Buy" and an average price target of $153.00.

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.