JPMorgan Chase & Co. trimmed its position in shares of Carpenter Technology Co. (NYSE:CRS) by 26.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 241,720 shares of the basic materials company’s stock after selling 88,845 shares during the period. JPMorgan Chase & Co. owned approximately 0.51% of Carpenter Technology worth $14,250,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Buckingham Asset Management LLC acquired a new stake in shares of Carpenter Technology during the 3rd quarter worth $205,000. Jane Street Group LLC acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth $220,000. Crossmark Global Holdings Inc. acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth $222,000. Pitcairn Co. acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth $225,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth $247,000. Institutional investors and hedge funds own 94.06% of the company’s stock.
Shares of Carpenter Technology stock opened at $39.86 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.27 and a quick ratio of 1.23. Carpenter Technology Co. has a twelve month low of $39.61 and a twelve month high of $61.49. The firm has a market cap of $2.01 billion, a P/E ratio of 15.94 and a beta of 2.25.
Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.09). Carpenter Technology had a return on equity of 9.03% and a net margin of 8.74%. The business had revenue of $572.40 million for the quarter, compared to analysts’ expectations of $559.00 million. During the same period last year, the company posted $0.49 earnings per share. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, sell-side analysts expect 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. Investors of record on Tuesday, October 23rd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 2.01%. Carpenter Technology’s dividend payout ratio (DPR) is 32.00%.
A number of analysts recently weighed in on the stock. Zacks Investment Research cut shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Friday, September 7th. Deutsche Bank set a $50.00 price target on shares of Carpenter Technology and gave the stock a “hold” rating in a research report on Thursday, October 25th. ValuEngine cut shares of Carpenter Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Finally, Cowen reaffirmed a “buy” rating and set a $53.00 price target on shares of Carpenter Technology in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Carpenter Technology currently has an average rating of “Hold” and a consensus target price of $54.75.
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.
Recommended Story: Cost of Capital Explained
Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Co. (NYSE:CRS).
Receive News & Ratings for Carpenter Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carpenter Technology and related companies with MarketBeat.com's FREE daily email newsletter.