Zacks Investment Management Buys 8,527 Shares of Carpenter Technology Co. (NYSE:CRS)

Zacks Investment Management raised its position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 165.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 13,675 shares of the basic materials company's stock after purchasing an additional 8,527 shares during the quarter. Zacks Investment Management's holdings in Carpenter Technology were worth $2,182,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kimelman & Baird LLC acquired a new stake in Carpenter Technology during the second quarter worth approximately $33,000. nVerses Capital LLC acquired a new position in shares of Carpenter Technology during the 3rd quarter valued at $64,000. Banque Cantonale Vaudoise bought a new position in Carpenter Technology during the third quarter worth $65,000. National Bank of Canada FI acquired a new stake in Carpenter Technology in the second quarter worth $49,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Carpenter Technology by 58.0% during 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. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded down $2.52 on Tuesday, reaching $181.67. 579,560 shares of the company traded hands, compared to its average volume of 593,709. 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 firm has a market capitalization of $9.06 billion, a PE ratio of 41.03, a PEG ratio of 0.97 and a beta of 1.52. The company has a 50 day moving average of $171.49 and a 200 day moving average of $142.46. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $198.24.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its 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. The business had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. Equities analysts forecast that Carpenter Technology Co. will post 6.74 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Benchmark reaffirmed a "buy" rating and issued a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. JPMorgan Chase & Co. assumed coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They issued an "overweight" rating and a $220.00 price target for the company. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average 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.