Harvest Fund Management Co. Ltd Acquires 5,280 Shares of Carpenter Technology Co. (NYSE:CRS)

Harvest Fund Management Co. Ltd lifted its holdings in Carpenter Technology Co. (NYSE:CRS) by 12,878.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,321 shares of the basic materials company’s stock after acquiring an additional 5,280 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Carpenter Technology were worth $850,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRS. Kimelman & Baird LLC bought a new stake in Carpenter Technology in the 2nd quarter valued at about $33,000. National Bank of Canada FI bought a new stake in Carpenter Technology in the 2nd quarter valued at about $49,000. EverSource Wealth Advisors LLC increased its position in Carpenter Technology by 58.0% in 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. nVerses Capital LLC bought a new stake in Carpenter Technology in the 3rd quarter valued at about $64,000. Finally, Banque Cantonale Vaudoise bought a new stake in Carpenter Technology in the 3rd quarter valued at about $65,000. 92.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of research analyst reports. BTIG Research boosted their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. started coverage on Carpenter Technology in a research note on Friday. They set an “overweight” rating and a $220.00 price target for the company. Finally, Benchmark reiterated 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 issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Carpenter Technology Price Performance

CRS stock opened at $195.23 on Tuesday. The company has a market capitalization of $9.73 billion, a P/E ratio of 43.48, a price-to-earnings-growth ratio of 0.97 and a beta of 1.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. Carpenter Technology Co. has a 52-week low of $58.87 and a 52-week high of $197.68. The business has a 50-day simple moving average of $163.94 and a two-hundred day simple moving average of $136.46.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share 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 firm had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same quarter in the previous year, the business earned $0.88 EPS. The company’s revenue was up 10.1% compared to the same quarter last year. Research analysts expect that Carpenter Technology Co. will post 6.61 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be paid a $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology’s payout ratio is presently 17.82%.

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.