Carpenter Technology Co. (NYSE:CRS) Shares Sold by Cinctive Capital Management LP

Cinctive Capital Management LP cut its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 62.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,283 shares of the basic materials company's stock after selling 17,188 shares during the period. Cinctive Capital Management LP's holdings in Carpenter Technology were worth $1,745,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CRS. Norges Bank purchased a new stake in Carpenter Technology in the 4th quarter worth approximately $100,505,000. Allspring Global Investments Holdings LLC raised its holdings in shares of 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 worth $103,714,000 after purchasing an additional 479,985 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Carpenter Technology by 120.4% in the 4th quarter. JPMorgan Chase & Co. now owns 331,874 shares of the basic materials company's stock valued at $56,322,000 after purchasing an additional 181,317 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Carpenter Technology in the 4th quarter valued at about $18,731,000. Finally, Wellington Management Group LLP grew its holdings in shares of Carpenter Technology by 64.8% during the 4th quarter. Wellington Management Group LLP now owns 249,095 shares of the basic materials company's stock worth $42,274,000 after purchasing an additional 97,978 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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Carpenter Technology Stock Up 14.4 %

NYSE CRS traded up $21.83 on Wednesday, hitting $173.13. 1,895,237 shares of the stock traded hands, compared to its average volume of 733,905. 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 stock has a 50-day moving average of $186.39 and a 200 day moving average of $180.22. Carpenter Technology Co. has a twelve month low of $74.21 and a twelve month high of $213.66. The company has a market capitalization of $8.65 billion, a P/E ratio of 32.67, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28.

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

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were paid a $0.20 dividend. The ex-dividend date was Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. Carpenter Technology's payout ratio is currently 15.09%.

Analysts Set New Price Targets

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

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.