Van ECK Associates Corp Lowers Stock Position in Carpenter Technology Co. (NYSE:CRS)

Van ECK Associates Corp lessened its position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 39.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,866 shares of the basic materials company's stock after selling 16,820 shares during the quarter. Van ECK Associates Corp owned about 0.05% of Carpenter Technology worth $4,055,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CRS. Kimelman & Baird LLC purchased a new position in shares of Carpenter Technology in the second quarter valued at $33,000. National Bank of Canada FI bought a new stake in shares of Carpenter Technology in the 2nd quarter worth about $49,000. EverSource Wealth Advisors LLC raised its position in shares of Carpenter Technology by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company's stock valued at $53,000 after buying an additional 178 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Carpenter Technology by 469.2% in the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company's stock valued at $59,000 after acquiring an additional 685 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in Carpenter Technology during the third quarter worth approximately $64,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.4 %

Carpenter Technology stock traded up $2.36 during midday trading on Friday, reaching $177.16. The company's stock had a trading volume of 517,195 shares, compared to its average volume of 663,671. Carpenter Technology Co. has a 52-week low of $58.87 and a 52-week high of $179.18. The stock has a market capitalization of $8.83 billion, a P/E ratio of 39.46, a PEG ratio of 0.90 and a beta of 1.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. The stock's 50-day simple moving average is $154.37 and its 200-day simple moving average is $129.15.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted 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 business had revenue of $717.60 million during the quarter, compared to analysts' expectations of $742.96 million. During the same quarter last year, the company posted $0.88 earnings per share. The business's quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts expect that Carpenter Technology Co. will post 6.68 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be given 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 0.45%. Carpenter Technology's dividend payout ratio is presently 17.82%.

Wall Street Analyst Weigh In

Several equities analysts have commented on CRS shares. BTIG Research upped their price objective on Carpenter Technology from $120.00 to $165.00 and gave the company a "buy" rating in a research report on Tuesday, July 30th. Benchmark reiterated a "buy" rating and set a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.60.

Carpenter Technology Company 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.