Hazlett Burt & Watson Inc. Sells 65 Shares of Carpenter Technology Co. (NYSE:CRS)

Hazlett Burt & Watson Inc. cut its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 14.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 385 shares of the basic materials company’s stock after selling 65 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Carpenter Technology were worth $61,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Whittier Trust Co. acquired a new stake in Carpenter Technology during the first quarter worth approximately $30,000. Kimelman & Baird LLC acquired a new position in shares of Carpenter Technology during the second quarter valued at about $33,000. National Bank of Canada FI acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $49,000. EverSource Wealth Advisors LLC increased its stake in Carpenter Technology by 58.0% during the 2nd 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 in the last quarter. Finally, Covestor Ltd increased its position in shares of Carpenter Technology by 469.2% during the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock worth $59,000 after acquiring an additional 685 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $154.23 on Tuesday. The company’s fifty day moving average price is $151.78 and its 200-day moving average price is $126.68. Carpenter Technology Co. has a one year low of $58.87 and a one year high of $166.67. 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 $7.69 billion, a price-to-earnings ratio of 34.35, a PEG ratio of 0.75 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.15. The business had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. On average, equities research analysts anticipate that Carpenter Technology Co. will post 6.68 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s payout ratio is currently 17.82%.

Analyst Ratings Changes

A number of brokerages recently commented on CRS. BTIG Research lifted their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Benchmark restated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $139.60.

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.