State Street Corp Cuts Stake in Carpenter Technology Co. (NYSE:CRS)

State Street Corp lowered its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 9.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,538,389 shares of the basic materials company's stock after selling 279,545 shares during the quarter. State Street Corp owned 5.09% of Carpenter Technology worth $405,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kimelman & Baird LLC bought a new position in Carpenter Technology during the 2nd quarter valued at about $33,000. nVerses Capital LLC bought a new stake in Carpenter Technology in the 3rd quarter worth approximately $64,000. Banque Cantonale Vaudoise purchased a new stake in Carpenter Technology during the 3rd quarter valued at $65,000. National Bank of Canada FI bought a new position in shares of Carpenter Technology during the 2nd quarter valued at $49,000. Finally, EverSource Wealth Advisors LLC grew its holdings 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 worth $53,000 after acquiring an additional 178 shares during the period. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded down $2.48 during mid-day trading on Tuesday, reaching $181.71. 578,857 shares of the company traded hands, compared to its average volume of 593,706. The company's 50 day moving average price is $171.49 and its 200-day moving average price is $142.46. The firm has a market cap of $9.06 billion, a PE ratio of 41.03, a PEG ratio of 0.97 and a beta of 1.52. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $198.24. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) 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 net margin of 8.05% and a return on equity of 18.01%. The company's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 earnings per share. On average, equities analysts expect that Carpenter Technology Co. will post 6.74 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd were given a $0.20 dividend. The ex-dividend date was Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. Carpenter Technology's payout ratio is 17.82%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRS shares. JPMorgan Chase & Co. began coverage on Carpenter Technology in a report on Friday, November 22nd. They issued an "overweight" rating and a $220.00 target price on the stock. Benchmark reissued a "buy" rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $153.00.

Carpenter Technology Profile

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.