Russell Investments Group Ltd. Reduces Holdings in Carpenter Technology Co. (NYSE:CRS)

Russell Investments Group Ltd. cut its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 12.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,913 shares of the basic materials company's stock after selling 5,803 shares during the period. Russell Investments Group Ltd. owned approximately 0.08% of Carpenter Technology worth $6,774,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of CRS. Wells Fargo & Company MN raised its position in shares of Carpenter Technology by 37.4% during the 4th quarter. Wells Fargo & Company MN now owns 46,454 shares of the basic materials company's stock valued at $7,884,000 after buying an additional 12,643 shares during the period. Landscape Capital Management L.L.C. acquired a new stake in shares of Carpenter Technology in the fourth quarter valued at $615,000. ExodusPoint Capital Management LP grew its position in shares of Carpenter Technology by 107.7% during the fourth quarter. ExodusPoint Capital Management LP now owns 75,099 shares of the basic materials company's stock worth $12,745,000 after buying an additional 38,945 shares in the last quarter. Geode Capital Management LLC lifted its stake in Carpenter Technology by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after acquiring an additional 38,411 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Carpenter Technology by 4.9% during the 4th quarter. National Bank of Canada FI now owns 40,373 shares of the basic materials company's stock worth $6,852,000 after purchasing an additional 1,900 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. BTIG Research set a $230.00 target price on Carpenter Technology in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Carpenter Technology presently has a consensus rating of "Moderate Buy" and an average target price of $167.17.

Carpenter Technology Trading Up 1.1 %

Shares of CRS stock traded up $1.83 during mid-day trading on Tuesday, hitting $174.85. 943,919 shares of the company's stock were exchanged, compared to its average volume of 738,987. The stock has a 50-day simple moving average of $184.79 and a two-hundred day simple moving average of $180.56. Carpenter Technology Co. has a fifty-two week low of $74.21 and a fifty-two week high of $213.66. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 32.99, a PEG ratio of 0.93 and a beta of 1.28. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share 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%. Equities analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 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.