Cornercap Investment Counsel Inc. Cuts Holdings in Carpenter Technology Co. (NYSE:CRS)

Cornercap Investment Counsel Inc. lowered its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 87.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,230 shares of the basic materials company's stock after selling 15,453 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Carpenter Technology were worth $356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Kimelman & Baird LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at approximately $33,000. National Bank of Canada FI purchased a new stake in shares of Carpenter Technology in the second quarter valued at approximately $49,000. EverSource Wealth Advisors LLC increased its position in shares of Carpenter Technology by 58.0% in the second 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 in the last quarter. Covestor Ltd boosted its stake in shares of Carpenter Technology by 469.2% in the first quarter. Covestor Ltd now owns 831 shares of the basic materials company's stock worth $59,000 after acquiring an additional 685 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of Carpenter Technology in the third quarter worth approximately $64,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Up 2.1 %

Shares of Carpenter Technology stock traded up $3.71 during trading hours on Monday, hitting $179.21. The company's stock had a trading volume of 639,825 shares, compared to its average volume of 591,012. Carpenter Technology Co. has a twelve month low of $58.87 and a twelve month high of $182.52. The firm has a fifty day moving average of $158.32 and a 200-day moving average of $132.98. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 39.09, a P/E/G ratio of 0.88 and a beta of 1.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.58 by $0.15. The business had revenue of $717.60 million for 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 company's quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 EPS. Research analysts forecast that Carpenter Technology Co. will post 6.68 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. Carpenter Technology's dividend payout ratio is presently 17.82%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRS. Benchmark reaffirmed 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 lifted their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a "buy" rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock 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.