Sheets Smith Wealth Management Decreases Position in Carpenter Technology Co. (NYSE:CRS)

Sheets Smith Wealth Management decreased its stake in Carpenter Technology Co. (NYSE:CRS) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,445 shares of the basic materials company’s stock after selling 79 shares during the quarter. Sheets Smith Wealth Management’s holdings in Carpenter Technology were worth $754,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC lifted its stake in Carpenter Technology by 47.1% in the third quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after purchasing an additional 1,108,963 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Carpenter Technology by 1.6% in the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock worth $175,607,000 after buying an additional 17,497 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Carpenter Technology by 15.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company’s stock worth $122,794,000 after acquiring an additional 103,559 shares during the last quarter. Avala Global LP boosted its holdings in Carpenter Technology by 21.0% during the 3rd quarter. Avala Global LP now owns 423,700 shares of the basic materials company’s stock valued at $67,614,000 after acquiring an additional 73,400 shares during the period. Finally, Franklin Resources Inc. grew its position in Carpenter Technology by 9.7% in the 3rd quarter. Franklin Resources Inc. now owns 368,077 shares of the basic materials company’s stock valued at $57,891,000 after acquiring an additional 32,442 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $211.33 on Wednesday. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $213.41. The stock’s fifty day moving average price is $183.99 and its 200-day moving average price is $159.10. The firm has a market cap of $10.53 billion, a P/E ratio of 47.07, a P/E/G ratio of 0.98 and a beta of 1.55. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last posted 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 during the quarter, compared to analyst estimates of $742.96 million. During the same quarter in the previous year, the business posted $0.88 EPS. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, equities research analysts expect that Carpenter Technology Co. will post 6.77 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 28th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, January 28th. This represents a $0.80 annualized dividend and a yield of 0.38%. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Benchmark reissued a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. assumed coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price objective for the company. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $153.00.

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.