Bank of New York Mellon Corp Sells 33,740 Shares of Carpenter Technology Co. (NYSE:CRS)

Bank of New York Mellon Corp reduced its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 6.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 498,067 shares of the basic materials company's stock after selling 33,740 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.00% of Carpenter Technology worth $84,527,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Tidal Investments LLC lifted its holdings in shares of Carpenter Technology by 91.9% in the 3rd quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company's stock worth $3,364,000 after purchasing an additional 10,094 shares during the last quarter. Fisher Asset Management LLC lifted its stake 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 buying an additional 13,815 shares during the last quarter. Forest Avenue Capital Management LP acquired a new position in shares of Carpenter Technology during the third quarter valued at $25,262,000. Natixis Advisors LLC grew its position in shares of Carpenter Technology by 6.0% during the third quarter. Natixis Advisors LLC now owns 23,817 shares of the basic materials company's stock worth $3,801,000 after acquiring an additional 1,343 shares during the last quarter. Finally, Manuka Financial LLC acquired a new stake in shares of Carpenter Technology in the 4th quarter worth about $368,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. BTIG Research set a $230.00 target price on Carpenter Technology in a research note on Friday, January 31st. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $167.17.

Carpenter Technology Trading Down 3.8 %

Shares of Carpenter Technology stock traded down $7.76 on Thursday, reaching $195.74. 245,230 shares of the company were exchanged, compared to its average volume of 818,109. Carpenter Technology Co. has a fifty-two week low of $63.58 and a fifty-two week high of $213.66. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 0.93 and a beta of 1.54. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The stock has a fifty day moving average price of $193.16 and a 200-day moving average price of $173.60.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. On average, analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 28th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. Carpenter Technology's payout ratio is 15.09%.

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.