Carpenter Technology Co. (NYSE:CRS) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC lowered its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 78.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,286 shares of the basic materials company's stock after selling 19,734 shares during the period. Verition Fund Management LLC's holdings in Carpenter Technology were worth $844,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Forest Avenue Capital Management LP purchased a new stake in shares of Carpenter Technology in the 3rd quarter valued at approximately $25,262,000. FMR LLC grew its position in 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 during the period. The Manufacturers Life Insurance Company increased its stake in Carpenter Technology by 3.4% during the third quarter. The Manufacturers Life Insurance Company now owns 27,838 shares of the basic materials company's stock worth $4,442,000 after acquiring an additional 908 shares during the last quarter. Qsemble Capital Management LP acquired a new position in shares of Carpenter Technology in the 3rd quarter valued at $229,000. Finally, Harvest Fund Management Co. Ltd grew its holdings in shares of Carpenter Technology by 12,878.0% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 5,321 shares of the basic materials company's stock worth $850,000 after purchasing an additional 5,280 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. began coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They issued an "overweight" rating and a $220.00 target price on the stock. Benchmark reaffirmed a "buy" rating and set a $175.00 price objective on shares of Carpenter Technology in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $153.00.

Carpenter Technology Stock Down 1.4 %

Shares of NYSE CRS traded down $2.52 during midday trading on Tuesday, hitting $181.67. The company's stock had a trading volume of 579,560 shares, compared to its average volume of 593,709. Carpenter Technology Co. has a 1 year low of $58.87 and a 1 year high of $198.24. The business's fifty day simple moving average is $171.97 and its two-hundred day simple moving average is $142.97. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of 40.46, a price-to-earnings-growth ratio of 0.97 and a beta of 1.52. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.58 by $0.15. The company had revenue of $717.60 million during the quarter, compared to analysts' expectations of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The firm's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.88 EPS. On average, equities analysts predict that Carpenter Technology Co. will post 6.74 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Tuesday, October 22nd. Carpenter Technology's dividend payout ratio is currently 17.82%.

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.