Forest Avenue Capital Management LP Has $51.16 Million Stake in Carpenter Technology Co. (NYSE:CRS)

Forest Avenue Capital Management LP lifted its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 90.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 301,468 shares of the basic materials company's stock after purchasing an additional 143,168 shares during the period. Carpenter Technology accounts for about 4.7% of Forest Avenue Capital Management LP's portfolio, making the stock its 9th largest position. Forest Avenue Capital Management LP owned 0.60% of Carpenter Technology worth $51,162,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA lifted its holdings in Carpenter Technology by 14.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after buying an additional 877 shares during the period. Tidal Investments LLC lifted its stake in Carpenter Technology by 91.9% in the 3rd quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company's stock valued at $3,364,000 after acquiring an additional 10,094 shares in the last quarter. Manuka Financial LLC acquired a new position in Carpenter Technology during the fourth quarter worth $368,000. Park Avenue Securities LLC bought a new position in Carpenter Technology in the fourth quarter valued at approximately $419,000. Finally, XML Financial LLC lifted its stake in Carpenter Technology by 215.3% in the 4th quarter. XML Financial LLC now owns 9,460 shares of the basic materials company's stock valued at $1,605,000 after purchasing an additional 6,460 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 1.2 %

Shares of NYSE CRS traded down $1.99 during trading on Friday, hitting $170.19. 435,729 shares of the company traded hands, compared to its average volume of 738,365. The business's fifty day moving average is $183.77 and its 200 day moving average is $180.66. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a fifty-two week low of $75.73 and a fifty-two week high of $213.66. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 32.11, a P/E/G ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its 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%. Equities research analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Carpenter Technology's dividend payout ratio (DPR) is currently 15.09%.

Wall Street Analysts Forecast Growth

CRS has been the subject of several research reports. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, BTIG Research set a $230.00 price target on shares of Carpenter Technology in a report on Friday, January 31st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.