Everence Capital Management Inc. Lowers Position in Carpenter Technology Co. (NYSE:CRS)

Everence Capital Management Inc. lowered its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 59.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,190 shares of the basic materials company's stock after selling 4,670 shares during the period. Everence Capital Management Inc.'s holdings in Carpenter Technology were worth $541,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company's stock valued at $552,992,000 after acquiring an additional 1,108,963 shares during the period. Geode Capital Management LLC grew its holdings in Carpenter Technology by 1.6% during the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company's stock valued at $175,607,000 after purchasing an additional 17,497 shares during the period. American Century Companies Inc. increased its position in Carpenter Technology by 129.5% in the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company's stock worth $93,044,000 after buying an additional 479,047 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Carpenter Technology by 15.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company's stock valued at $122,794,000 after buying an additional 103,559 shares during the period. Finally, Wolf Hill Capital Management LP bought a new stake in shares of Carpenter Technology in the second quarter valued at $73,850,000. Institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the subject of several research reports. JPMorgan Chase & Co. began coverage on Carpenter Technology in a research note on Friday, November 22nd. They set an "overweight" rating and a $220.00 price target for the company. Benchmark reiterated a "buy" rating and set a $175.00 target price 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 given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $153.00.

Carpenter Technology Price Performance

CRS traded up $4.63 during trading on Friday, reaching $180.13. 508,609 shares of the company were exchanged, compared to its average volume of 574,055. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $198.24. The company's 50-day moving average is $177.24 and its two-hundred day moving average is $151.49. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. The company has a market cap of $8.98 billion, a price-to-earnings ratio of 40.12, a P/E/G ratio of 0.90 and a beta of 1.55.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.88 earnings per share. Research analysts forecast that Carpenter Technology Co. will post 6.74 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

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.