Quadrature Capital Ltd Trims Stock Position in Carpenter Technology Co. (NYSE:CRS)

Quadrature Capital Ltd cut its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 85.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,556 shares of the basic materials company's stock after selling 20,416 shares during the quarter. Quadrature Capital Ltd's holdings in Carpenter Technology were worth $568,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CRS. FMR LLC increased its position in shares of Carpenter Technology by 47.1% during the third quarter. FMR LLC now owns 3,465,295 shares of the basic materials company's stock valued at $552,992,000 after buying an additional 1,108,963 shares during the period. Wolf Hill Capital Management LP purchased a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $73,850,000. American Century Companies Inc. lifted its stake in shares of Carpenter Technology by 129.5% in the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company's stock valued at $93,044,000 after purchasing an additional 479,047 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Carpenter Technology by 1,538.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company's stock valued at $34,053,000 after purchasing an additional 200,364 shares during the period. Finally, Forest Avenue Capital Management LP purchased a new stake in Carpenter Technology in the third quarter worth $25,262,000. 92.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on CRS shares. JPMorgan Chase & Co. initiated coverage on Carpenter Technology in a research report on Friday, November 22nd. They set an "overweight" rating and a $220.00 price objective for the company. Benchmark reissued a "buy" rating and set a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $153.00.

Carpenter Technology Stock Down 4.8 %

Shares of CRS stock traded down $9.33 during mid-day trading on Monday, hitting $184.19. The company's stock had a trading volume of 1,490,278 shares, compared to its average volume of 593,769. 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 Co. has a 52-week low of $58.87 and a 52-week high of $198.24. The stock has a market cap of $9.18 billion, a price-to-earnings ratio of 43.10, a PEG ratio of 0.97 and a beta of 1.52. The business has a 50-day moving average price of $171.01 and a 200 day moving average price of $141.92.

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 (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million for the quarter, compared to analysts' expectations of $742.96 million. During the same quarter in the prior year, the business earned $0.88 EPS. The business's revenue for the quarter was up 10.1% compared to the same quarter last year. Research analysts predict that Carpenter Technology Co. will post 6.74 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.43%. Carpenter Technology's dividend payout ratio is presently 17.82%.

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.