Canada Pension Plan Investment Board lessened its stake in Carpenter Technology Co. (NYSE:CRS) by 26.8% in the 3rd quarter, Holdings Channel reports. The firm owned 157,500 shares of the basic materials company’s stock after selling 57,800 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Carpenter Technology were worth $9,285,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Arizona State Retirement System raised its position in shares of Carpenter Technology by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 32,582 shares of the basic materials company’s stock worth $1,713,000 after purchasing an additional 884 shares during the last quarter. Mutual of America Capital Management LLC raised its position in Carpenter Technology by 3.2% in the 2nd quarter. Mutual of America Capital Management LLC now owns 40,231 shares of the basic materials company’s stock worth $2,115,000 after buying an additional 1,266 shares during the last quarter. Essex Investment Management Co. LLC raised its position in Carpenter Technology by 4.4% in the 3rd quarter. Essex Investment Management Co. LLC now owns 31,374 shares of the basic materials company’s stock worth $1,849,000 after buying an additional 1,329 shares during the last quarter. Stanley Laman Group Ltd. raised its position in Carpenter Technology by 1.9% in the 2nd quarter. Stanley Laman Group Ltd. now owns 86,561 shares of the basic materials company’s stock worth $4,551,000 after buying an additional 1,598 shares during the last quarter. Finally, American International Group Inc. raised its position in Carpenter Technology by 1.8% in the 3rd quarter. American International Group Inc. now owns 126,167 shares of the basic materials company’s stock worth $7,438,000 after buying an additional 2,193 shares during the last quarter. 94.06% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have weighed in on CRS. Cowen reissued a “buy” rating and issued a $53.00 target price on shares of Carpenter Technology in a research report on Thursday. ValuEngine lowered Carpenter Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Zacks Investment Research lowered Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Friday, September 7th. Finally, Deutsche Bank set a $50.00 target price on Carpenter Technology and gave the stock a “hold” rating in a research report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $54.75.

Shares of NYSE:CRS opened at $42.40 on Friday. Carpenter Technology Co. has a fifty-two week low of $39.83 and a fifty-two week high of $61.49. The company has a quick ratio of 1.23, a current ratio of 3.27 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 16.96 and a beta of 2.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.09). Carpenter Technology had a net margin of 8.74% and a return on equity of 9.03%. The business had revenue of $572.40 million for the quarter, compared to analysts’ expectations of $559.00 million. During the same period in the previous year, the company earned $0.49 EPS. Carpenter Technology’s revenue for the quarter was up 19.3% compared to the same quarter last year. Sell-side analysts forecast that Carpenter Technology Co. will post 3.17 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 6th. Stockholders of record on Tuesday, October 23rd were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Monday, October 22nd. Carpenter Technology’s payout ratio is currently 32.00%.

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Carpenter Technology Company Profile

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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

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