Geode Capital Management LLC Acquires 17,497 Shares of Carpenter Technology Co. (NYSE:CRS)

Geode Capital Management LLC increased its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 1.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,100,204 shares of the basic materials company’s stock after purchasing an additional 17,497 shares during the quarter. Geode Capital Management LLC owned 2.21% of Carpenter Technology worth $175,607,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Barclays PLC increased its position in shares of Carpenter Technology by 471.1% during the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock worth $16,236,000 after acquiring an additional 83,930 shares in the last quarter. Zacks Investment Management boosted its stake in Carpenter Technology by 165.6% in the 3rd quarter. Zacks Investment Management now owns 13,675 shares of the basic materials company’s stock worth $2,182,000 after purchasing an additional 8,527 shares during the period. National Bank of Canada FI increased its holdings in Carpenter Technology by 8,300.2% during the 3rd quarter. National Bank of Canada FI now owns 38,473 shares of the basic materials company’s stock worth $6,140,000 after purchasing an additional 38,015 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at about $331,000. Finally, Weiss Asset Management LP bought a new stake in shares of Carpenter Technology in the third quarter valued at about $725,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRS. JPMorgan Chase & Co. began coverage on Carpenter Technology in a report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. Benchmark reaffirmed a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $153.00.

Carpenter Technology Price Performance

NYSE:CRS opened at $174.09 on Monday. The stock’s 50-day simple moving average is $173.18 and its 200 day simple moving average is $144.37. Carpenter Technology Co. has a 52-week low of $58.87 and a 52-week high of $198.24. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. The company has a market cap of $8.68 billion, a P/E ratio of 38.77, a P/E/G ratio of 0.90 and a beta of 1.52.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data 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 return on equity of 18.01% and a net margin of 8.05%. The company 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 posted $0.88 EPS. The business’s revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Carpenter Technology Co. will post 6.74 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend 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.