Forest Avenue Capital Management LP Invests $25.26 Million in Carpenter Technology Co. (NYSE:CRS)

Forest Avenue Capital Management LP purchased a new stake in Carpenter Technology Co. (NYSE:CRS - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 158,300 shares of the basic materials company's stock, valued at approximately $25,262,000. Carpenter Technology comprises 3.1% of Forest Avenue Capital Management LP's portfolio, making the stock its 17th biggest position. Forest Avenue Capital Management LP owned 0.32% of Carpenter Technology at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Kimelman & Baird LLC acquired a new position in Carpenter Technology in the second quarter valued at about $33,000. National Bank of Canada FI acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at approximately $49,000. EverSource Wealth Advisors LLC increased its stake in Carpenter Technology by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company's stock worth $53,000 after purchasing an additional 178 shares in the last quarter. nVerses Capital LLC acquired a new stake in Carpenter Technology during the 3rd quarter worth approximately $64,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Carpenter Technology in the third quarter valued at approximately $65,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Down 0.9 %

CRS traded down $1.68 on Wednesday, hitting $194.46. 469,529 shares of the company were exchanged, compared to its average volume of 594,623. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $198.24. The company has a market cap of $9.69 billion, a PE ratio of 42.91, a PEG ratio of 0.99 and a beta of 1.46. The stock's fifty day moving average is $165.00 and its 200-day moving average is $137.10. 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 (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.15. The company had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The company's revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. Equities research 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. Shareholders of record on Tuesday, October 22nd will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. Carpenter Technology's payout ratio is 17.82%.

Analyst Ratings Changes

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

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.