Carpenter Technology (NYSE:CRS) Shares Down 7.2% - Here's What Happened

Carpenter Technology Co. (NYSE:CRS - Get Free Report) shares fell 7.2% on Friday . The company traded as low as $178.00 and last traded at $172.77. 224,437 shares were traded during trading, a decline of 65% from the average session volume of 647,898 shares. The stock had previously closed at $186.08.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRS. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. BTIG Research set a $230.00 price target on Carpenter Technology in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $167.17.

Carpenter Technology Stock Performance

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 firm has a market cap of $9.01 billion, a price-to-earnings ratio of 34.02, a price-to-earnings-growth ratio of 0.93 and a beta of 1.55. The stock has a fifty day moving average price of $194.14 and a 200 day moving average price of $174.35.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued 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 return on equity of 19.88% and a net margin of 9.34%. As a group, analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

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Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Tuesday, January 28th. Carpenter Technology's dividend payout ratio (DPR) is currently 15.09%.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRS. FMR LLC grew its holdings in Carpenter Technology by 47.1% in the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company's stock valued at $552,992,000 after buying an additional 1,108,963 shares during the last quarter. SurgoCap Partners LP grew its holdings in Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after buying an additional 779,357 shares during the last quarter. Norges Bank acquired a new stake in Carpenter Technology in the 4th quarter valued at approximately $100,505,000. Allspring Global Investments Holdings LLC grew its holdings in Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock valued at $103,714,000 after buying an additional 479,985 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in shares of Carpenter Technology during the 4th quarter worth approximately $69,285,000. Institutional investors and hedge funds own 92.03% of the company's stock.

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.