Wellington Management Group LLP Lowers Stake in Carpenter Technology Co. (NYSE:CRS)

Wellington Management Group LLP lessened its position in shares of Carpenter Technology Co. (NYSE:CRS) by 2.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 151,117 shares of the basic materials company’s stock after selling 4,353 shares during the period. Wellington Management Group LLP owned approximately 0.30% of Carpenter Technology worth $24,115,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Kimelman & Baird LLC purchased a new stake in Carpenter Technology during the second quarter valued at about $33,000. National Bank of Canada FI acquired a new position in shares of Carpenter Technology during the second quarter worth about $49,000. EverSource Wealth Advisors LLC lifted its stake in shares of Carpenter Technology by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 178 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Carpenter Technology during the third quarter worth about $64,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Carpenter Technology during the third quarter worth about $65,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CRS shares. JPMorgan Chase & Co. started coverage on Carpenter Technology in a research note on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective on the stock. Benchmark restated a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $153.00.

Carpenter Technology Trading Down 1.7 %

NYSE:CRS opened at $174.09 on Friday. 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 one year low of $58.87 and a one year high of $198.24. The business’s 50-day simple moving average is $173.18 and its 200 day simple moving average is $143.92. The stock has a market cap of $8.68 billion, a price-to-earnings ratio of 38.77, a price-to-earnings-growth ratio of 0.90 and a beta of 1.52.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business had revenue of $717.60 million for the quarter, compared to analysts’ expectations of $742.96 million. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The company’s revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts predict that Carpenter Technology Co. will post 6.74 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend was Tuesday, October 22nd. Carpenter Technology’s payout ratio is currently 17.82%.

Carpenter Technology Company 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.