Advisors Asset Management Inc. Reduces Position in Carpenter Technology Co. (CRS)

Advisors Asset Management Inc. trimmed its position in shares of Carpenter Technology Co. (NYSE:CRS) by 28.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,764 shares of the basic materials company’s stock after selling 3,038 shares during the quarter. Advisors Asset Management Inc.’s holdings in Carpenter Technology were worth $373,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Victory Capital Management Inc. lifted its stake in shares of Carpenter Technology by 103.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,828,669 shares of the basic materials company’s stock valued at $87,831,000 after purchasing an additional 928,150 shares during the last quarter. Rice Hall James & Associates LLC acquired a new position in shares of Carpenter Technology in the 3rd quarter valued at $20,374,000. Emerald Advisers Inc. PA acquired a new position in shares of Carpenter Technology in the 3rd quarter valued at $18,193,000. Frontier Capital Management Co. LLC lifted its stake in shares of Carpenter Technology by 38.9% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,242,423 shares of the basic materials company’s stock valued at $59,674,000 after purchasing an additional 347,965 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Carpenter Technology by 18.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,651,339 shares of the basic materials company’s stock valued at $61,809,000 after purchasing an additional 253,969 shares during the last quarter. Hedge funds and other institutional investors own 95.97% of the company’s stock.

In other news, COO Joseph E. Haniford sold 11,448 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $49.09, for a total value of $561,982.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.51% of the company’s stock.

CRS has been the topic of several recent analyst reports. Cowen upped their price target on Carpenter Technology from $37.00 to $53.00 in a research note on Thursday, October 26th. Zacks Investment Research raised Carpenter Technology from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Tuesday, October 3rd. Finally, KeyCorp reissued a “hold” rating on shares of Carpenter Technology in a research note on Thursday, November 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $48.17.

Shares of Carpenter Technology Co. (NYSE:CRS) traded down $0.10 during midday trading on Thursday, reaching $50.21. The company’s stock had a trading volume of 284,100 shares, compared to its average volume of 349,547. The company has a current ratio of 2.91, a quick ratio of 0.98 and a debt-to-equity ratio of 0.45. Carpenter Technology Co. has a 12 month low of $34.24 and a 12 month high of $51.88. The stock has a market cap of $2,355.34, a P/E ratio of 30.31 and a beta of 2.07.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.05. Carpenter Technology had a return on equity of 6.67% and a net margin of 4.06%. The company had revenue of $479.80 million for the quarter, compared to the consensus estimate of $448.46 million. During the same quarter in the prior year, the business earned ($0.08) EPS. Carpenter Technology’s revenue was up 23.3% on a year-over-year basis. analysts anticipate that Carpenter Technology Co. will post 2.24 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Tuesday, October 24th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Monday, October 23rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.43%. Carpenter Technology’s payout ratio is currently 44.44%.

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Carpenter Technology Company Profile

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.

Institutional Ownership by Quarter for Carpenter Technology (NYSE:CRS)

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