Alpha Wave Global LP Sells 126,680 Shares of Carpenter Technology Co. (NYSE:CRS)

Alpha Wave Global LP lowered its position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 65.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,879 shares of the basic materials company's stock after selling 126,680 shares during the quarter. Carpenter Technology makes up about 3.3% of Alpha Wave Global LP's investment portfolio, making the stock its 8th largest position. Alpha Wave Global LP owned approximately 0.13% of Carpenter Technology worth $10,673,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CRS. Kimelman & Baird LLC bought a new position in Carpenter Technology in the second quarter valued at approximately $33,000. nVerses Capital LLC bought a new position in shares of Carpenter Technology in the 3rd quarter worth $64,000. Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology during the third quarter worth $65,000. National Bank of Canada FI bought a new stake in Carpenter Technology in the second quarter valued at about $49,000. Finally, EverSource Wealth Advisors LLC lifted its stake in 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 during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. BTIG Research upped their price target on Carpenter Technology from $120.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. assumed coverage on shares of Carpenter Technology in a research note on Friday, November 22nd. They issued an "overweight" rating and a $220.00 target price for the company. Finally, Benchmark reissued a "buy" rating and set a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of "Moderate Buy" and a consensus price target of $153.00.

Carpenter Technology Stock Down 0.9 %

CRS stock traded down $1.68 during mid-day trading on Wednesday, hitting $194.46. 469,529 shares of the company were exchanged, compared to its average volume of 594,623. 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 Co. has a 1-year low of $58.87 and a 1-year high of $198.24. The firm's 50 day simple moving average is $165.00 and its 200 day simple moving average is $137.10. The firm has a market cap of $9.69 billion, a P/E ratio of 42.91, a P/E/G ratio of 0.99 and a beta of 1.46.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The firm's revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.88 EPS. On average, sell-side analysts predict that Carpenter Technology Co. will post 6.61 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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 dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology's payout ratio is presently 17.82%.

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.