Sheets Smith Investment Management Takes $1.77 Million Position in Carpenter Technology Co. (NYSE:CRS)

Sheets Smith Investment Management acquired a new stake in Carpenter Technology Co. (NYSE:CRS - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 10,447 shares of the basic materials company's stock, valued at approximately $1,773,000. Carpenter Technology accounts for 1.5% of Sheets Smith Investment Management's holdings, making the stock its 17th biggest holding.

Several other hedge funds have also recently bought and sold shares of CRS. FMR LLC grew its stake in shares of Carpenter Technology by 47.1% in the third quarter. FMR LLC now owns 3,465,295 shares of the basic materials company's stock worth $552,992,000 after acquiring an additional 1,108,963 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Carpenter Technology by 428.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock worth $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Forest Avenue Capital Management LP purchased a new stake in Carpenter Technology during the 3rd quarter worth about $25,262,000. Raymond James Financial Inc. acquired a new stake in Carpenter Technology in the 4th quarter valued at about $18,731,000. Finally, Holocene Advisors LP acquired a new stake in Carpenter Technology in the 3rd quarter valued at about $17,337,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. 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 sell rating and five have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $167.17.

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Carpenter Technology Stock Down 2.4 %

Shares of CRS traded down $4.49 during mid-day trading on Friday, reaching $181.32. The company's stock had a trading volume of 464,566 shares, compared to its average volume of 719,720. The company's 50 day moving average is $194.01 and its 200 day moving average is $178.72. The stock has a market cap of $9.06 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 0.93 and a beta of 1.55. Carpenter Technology Co. has a 12-month low of $70.20 and a 12-month high of $213.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. Equities analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 28th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. Carpenter Technology's dividend payout ratio (DPR) is presently 15.09%.

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.