Dearborn Partners LLC Sells 400 Shares of Carpenter Technology Co. (NYSE:CRS)

Dearborn Partners LLC trimmed its position in Carpenter Technology Co. (NYSE:CRS) by 13.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,550 shares of the basic materials company’s stock after selling 400 shares during the quarter. Dearborn Partners LLC’s holdings in Carpenter Technology were worth $407,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wolf Hill Capital Management LP acquired a new stake in Carpenter Technology during the second quarter valued at approximately $73,850,000. Bayberry Capital Partners LP bought a new position in shares of Carpenter Technology during the 1st quarter worth approximately $35,887,000. American Century Companies Inc. boosted its stake in Carpenter Technology by 129.5% in the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after buying an additional 479,047 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Carpenter Technology by 1,538.1% during the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock worth $34,053,000 after acquiring an additional 200,364 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Carpenter Technology during the second quarter valued at $13,248,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Up 2.0 %

Shares of NYSE:CRS opened at $175.44 on Friday. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. The firm has a market cap of $8.75 billion, a P/E ratio of 39.07, a P/E/G ratio of 0.89 and a beta of 1.46. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $182.52. The company’s 50-day moving average price is $158.32 and its two-hundred day moving average price is $132.41.

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, beating the consensus estimate of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million for the quarter, compared to analysts’ expectations of $742.96 million. During the same period in the prior year, the firm earned $0.88 earnings per share. Carpenter Technology’s revenue was up 10.1% compared to the same quarter last year. As a group, research analysts forecast that Carpenter Technology Co. will post 6.68 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. Carpenter Technology’s payout ratio is currently 17.82%.

Analyst Upgrades and Downgrades

CRS has been the topic of several analyst reports. BTIG Research upped their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Benchmark reaffirmed a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average price target 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.