Millrace Asset Group Inc. Decreases Holdings in Carpenter Technology Co. (NYSE:CRS)

Millrace Asset Group Inc. trimmed its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 22.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,409 shares of the basic materials company's stock after selling 3,012 shares during the quarter. Carpenter Technology accounts for about 1.7% of Millrace Asset Group Inc.'s portfolio, making the stock its 26th largest position. Millrace Asset Group Inc.'s holdings in Carpenter Technology were worth $1,661,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC raised its holdings in shares of Carpenter Technology by 0.6% in the third quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company's stock worth $2,763,000 after buying an additional 100 shares during the last quarter. CWM LLC lifted its position in Carpenter Technology by 12.6% during the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company's stock worth $101,000 after acquiring an additional 103 shares during the period. GAMMA Investing LLC lifted its position in Carpenter Technology by 9.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company's stock worth $177,000 after acquiring an additional 136 shares during the period. KBC Group NV grew its stake in Carpenter Technology by 13.5% during the 3rd quarter. KBC Group NV now owns 1,355 shares of the basic materials company's stock valued at $216,000 after purchasing an additional 161 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Carpenter Technology by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company's stock valued at $53,000 after purchasing an additional 178 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $1.05 during mid-day trading on Tuesday, hitting $196.14. The company had a trading volume of 536,265 shares, compared to its average volume of 595,010. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $9.78 billion, a price-to-earnings ratio of 43.68, a P/E/G ratio of 0.97 and a beta of 1.46. The company's fifty day moving average is $163.94 and its 200-day moving average is $136.46. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $198.24.

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. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The firm had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same period in the prior year, the firm posted $0.88 earnings per share. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. Equities research analysts predict that Carpenter Technology Co. will post 6.61 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.41%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology's payout ratio is currently 17.82%.

Analysts Set New Price Targets

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

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.